Aktieanalys – källarkiv Uppdaterad 2026-08-06T04:16:43Z

SEC EDGAR · 10-Q

10-Q – 2026-07-30 – xel-20260630.htm

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Omsättning
  • Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds | 34
  • Cost of natural gas sold and transported 93 134 613 647 | Cost of sales — other 2 1 5 3 | Operating and maintenance expenses 691 675 1,366 1,361
  • Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Inc. Annual Report on For | Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.
  • • SPS issued $ 650 million in aggregate principal amount of 5.30 % First Mortgage Bonds due August 15, 2036 and $ 550 million in aggregate principal amount of 5.875 % First Mortgage Bonds due August 15, 2056. | ATM Equity Offerings — Xcel Energy Inc. filed prospectus supplements in August 2025 and May 2026 under which it may sell up to $ 4 billion and $ 4.3 billion of its common stock, respectively, through ATM programs. In addition to the issuance and sale of shares of common stock to or through sales agents, Xcel Energy Inc. also may use these ATM programs to enter into forward sale agreements. As of April 30, 2026, no further transactions will occur under the 2025 ATM program. | Forward Sale Agreements — Under these ATM programs, Xcel Energy Inc. has entered into multiple forward sale agreements in 2026 and 2025 in connection with completed public offerings of Xcel Energy common stock.
  • Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following:
  • (Millions of Dollars) Electric Natural Gas All Other Total | Major revenue types | Revenue from contracts with customers:
  • Major revenue types | Revenue from contracts with customers: | Residential $ 803 $ 184 $ 1 $ 988
  • Other 13 44 — 57 | Total revenue from contracts with customers 2,450 333 9 2,792 | Alternative revenue and other 290 32 5 327
Rörelseresultat
  • Operating income 706 577 1,460 1,254
Periodens resultat
  • Income tax benefit ( 60 ) ( 60 ) ( 107 ) ( 121 ) | Net income $ 586 $ 444 $ 1,142 $ 927
  • 2026 2025 2026 2025 | Net income $ 586 $ 444 $ 1,142 $ 927 | Other comprehensive income
  • Reclassifications of losses to net income, net of tax 1 — 1 — | Derivative instruments:
  • Net fair value increase, net of tax — 5 3 — | Reclassification of losses to net income, net of tax — 1 1 2
  • Operating activities | Net income $ 1,142 $ 927 | Adjustments to reconcile net income to cash provided by operating activities:
  • Net income $ 1,142 $ 927 | Adjustments to reconcile net income to cash provided by operating activities: | Depreciation and amortization 1,424 1,461
  • Balance at March 31, 2025 576,547,051 $ 1,441 $ 9,729 $ 8,706 $ ( 72 ) $ 19,804 | Net income 444 444 | Other comprehensive income 6 6
  • Balance at March 31, 2026 624,162,780 $ 1,560 $ 12,914 $ 9,391 $ ( 59 ) $ 23,806 | Net income 586 586 | Other comprehensive income 1 1
Resultat per aktie
  • DSM Demand side management | EPS Earnings per share | ETR Effective tax rate
  • 7. Earnings Per Share
  • Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding. | Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled.
  • Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding. | Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. | Common Stock Equivalents — Common stock equivalents include commitments to issue common stock related to forward equity agreements, collared forward equity agreements and time-based equity compensation awards. To the extent dilutive, these items are included in diluted shares outstanding using the treasury stock method.
  • Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted. | Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following: | • Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions have been satisfied by the end of the reporting period.
  • Common shares outstanding used in the basic and diluted EPS computation:
  • Non-GAAP Financial Measures | The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP. | Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and m
  • Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and m | Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS) | GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method.
Kassaflöde
  • Supplemental disclosure of cash flow information: | Cash paid for interest (net of amounts capitalized) $ ( 705 ) $ ( 583 )
  • Interest Rate Derivatives — Xcel Energy enters into contracts that effectively fix the interest rate on a specified principal amount of a hypothetical future debt issuance. These financial swaps net settle based on changes in a specified benchmark interest rate, acting as a hedge of changes in market interest rates that will impact specified anticipated debt issuances. These derivative instruments are designated as cash flow hedges for accounting purposes, with changes in fair value prior to occ | As of June 30, 2026, accumulated other comprehensive loss related to interest rate derivatives included $ 3 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of June 30, 2026, Xcel Energy had unsettled interest rate derivatives with a notional amount of $ 130 million.
  • As of June 30, 2026, accumulated other comprehensive loss related to interest rate derivatives included $ 3 million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of June 30, 2026, Xcel Energy had unsettled interest rate derivatives with a notional amount of $ 130 million. | See Note 11 for the financial impact of qualifying interest rate cash flow hedges on Xcel Energy’s accumulated other comprehensive loss included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income. | Wholesale and Commodity Trading — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by
  • When Xcel Energy enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms. | As of June 30, 2026, Xcel Energy had no commodity contracts designated as cash flow hedges.
  • Recurring Derivative Fair Value Measurements | Interest rate cash flow hedge gains and losses reclassified into interest expense from accumulated other comprehensive loss were immaterial for the three and six months ended June 30, 2026 and 2025. | Other impacts of derivative activity:
  • Six Months Ended June 30, 2026 | Derivatives designated as cash flow hedges: | Interest rate $ 4 $ —
  • Three Months Ended June 30, 2025 | Derivatives designated as cash flow hedges: | Interest rate $ 5 $ —
  • Six Months Ended June 30, 2025 | Derivatives designated as cash flow hedges: | Interest rate $ 1 $ —
Likvida medel
  • Current assets | Cash and cash equivalents $ 2,010 $ 274 | Accounts receivable, net 1,255 1,330
Nettoskuld
  • Other, net ( 14 ) ( 54 ) | Net cash provided by operating activities 2,797 2,109
  • Other, net 11 ( 14 ) | Net cash used in investing activities ( 5,959 ) ( 4,430 )
  • Other, net 7 ( 8 ) | Net cash provided by financing activities 4,898 3,596
  • The collared forward equity agreements will not be settled until maturity, and net cash settlement and net share settlement are generally unavailable. The 2025 and 2026 forward equity agreements could have been settled at June 30, 2026 with physical delivery of common shares to the banking counterparties in exchange for cash; if Xcel Energy unilaterally elected net cash or net share settlement, these agreements also could have been settled with cash or shares of common stock, as follows:
  • Agreements Entered Net Settlement proceeds (payments): Physical Share Delivery Proceeds (millions of dollars) | Common Shares (in millions) Net Cash (millions of dollars) | 2025 forward equity agreements ( 0.5 ) $ ( 36 ) $ 934
  • Net cash provided by operating activities increased $688 million for the six months ended June 30, 2026 compared with the prior year. The increase was largely due to insurance reimbursements for the Marshall Wildfire and Smokehouse Creek Fire Complex settlement activity. | Investing Cash Flows
  • Net cash used in investing activities increased $1,529 million for the six months ended June 30, 2026 compared with the prior year. The increase in capital expenditures was largely due to continued system investment in renewable and transmission projects. | Financing Cash Flows
  • Net cash provided by financing activities increased $1,302 million for the six months ended June 30, 2026 compared with the prior year. The increase was largely related to additional debt to fund capital investment, partially offset by decreased issuances of common stock.
Eget kapital
  • Consolidated Statements of Common Stockholders’ Equity | 9
  • Accumulated other comprehensive loss ( 58 ) ( 63 ) | Total common stockholders’ equity 24,057 23,609 | Total liabilities and equity $ 87,165 $ 81,371
  • XCEL ENERGY INC. AND SUBSIDIARIES | CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED) | (amounts in millions, except per share data; shares in actual amounts)
  • Common Stock Issued Retained Earnings Accumulated Other Comprehensive Loss Total Common Stockholders' Equity | Shares Par Value Additional Paid
  • Notes to Consolidated Financial Statements (UNAUDITED) | In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy as of June 30, 2026 and Dec. 31, 2025; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, and changes in stockholders’ equity for the three and six months ended June 30, 2026 and 2025; and Xcel Energy’s cash flows for the six months ended Ju | All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2026, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2025 balance sheet information has been derived from the audited 2025 consolidated financial statements included in the Xcel Energy Inc. Annual Report on
  • (c) Minimum expected proceeds reflect the floor price. Actual cash proceeds will be based on an average market price for Xcel Energy’s common stock during a period preceding settlement, subject to the cap price and floor price, which are derived from the public offerings. | If settled in physical shares, stockholders’ equity equal to cash proceeds will be recorded at settlement.
Antal aktier
  • Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No | Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
  • Weighted average common shares outstanding: | Basic 625 586 625 580
  • Long-term debt 35,948 31,832 | Common stock — 1,000,000,000 shares authorized of $ 2.50 par value; 624,405,747 and 623,600,715 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 1,561 1,559
  • Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding. | Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled.
  • Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. | Common Stock Equivalents — Common stock equivalents include commitments to issue common stock related to forward equity agreements, collared forward equity agreements and time-based equity compensation awards. To the extent dilutive, these items are included in diluted shares outstanding using the treasury stock method. | Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted.
  • Common Stock Equivalents — Common stock equivalents include commitments to issue common stock related to forward equity agreements, collared forward equity agreements and time-based equity compensation awards. To the extent dilutive, these items are included in diluted shares outstanding using the treasury stock method. | Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted. | Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following:
  • Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following: | • Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions have been satisfied by the end of the reporting period. | • Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement.
  • • Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions have been satisfied by the end of the reporting period. | • Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement.
Antal anställda
  • Common Stock Equivalents — Common stock equivalents include commitments to issue common stock related to forward equity agreements, collared forward equity agreements and time-based equity compensation awards. To the extent dilutive, these items are included in diluted shares outstanding using the treasury stock method. | Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted. | Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following:

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-3034

Xcel Energy Inc.
(Exact Name of Registrant as Specified in its Charter)

Minnesota 41-0448030
(State or Other Jurisdiction of Incorporation or Organization)

(I.R.S. Employer Identification No.)

414 Nicollet Mall, Minneapolis, Minnesota 55401
(Address of Principal Executive Offices) (Zip Code)

(612) 330-5500
(Registrant’s Telephone Number, Including Area Code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $2.50 par value XEL Nasdaq Stock Market LLC
6.25% Junior Subordinated Notes due 2085 XELLL Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      ☒   Yes    ☐   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      ☒   Yes    ☐   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class Outstanding at July 28, 2026
Common Stock, $2.50 par value 624,634,306 shares

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
Item 1 — Financial Statements (unaudited)
5

Consolidated Statements of Income
5

Consolidated Statements of Comprehensive Income
6

Consolidated Statements of Cash Flows
7

Consolidated Balance Sheets
8

Consolidated Statements of Common Stockholders’ Equity
9

Notes to Consolidated Financial Statements
10

Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations
24

Item 3 — Quantitative and Qualitative Disclosures A bout Market Risk
34

Item 4 — Controls and Procedures
34

PART II OTHER INFORMATION
Item 1 — Legal Proceedings
34

Item 1A — Risk Factors
34

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds
34

Item 5 — Other Information
34

Item 6 — Exhibits
35

SIGNATURES
36

This Form 10-Q is filed by Xcel Energy Inc. Additional information is available in various filings with the SEC. This report should be read in its entirety.
2

Definitions of Abbreviations

Xcel Energy Inc.’s Subsidiaries and Affiliates (current and former)

NSP-Minnesota Northern States Power Company, a Minnesota corporation
NSP System The electric production and transmission system of NSP-Minnesota and NSP-Wisconsin operated on an integrated basis and managed by NSP-Minnesota
NSP-Wisconsin Northern States Power Company, a Wisconsin corporation
PSCo Public Service Company of Colorado
SPS Southwestern Public Service Company
Utility subsidiaries NSP-Minnesota, NSP-Wisconsin, PSCo and SPS
WYCO WYCO Development, LLC
Xcel Energy Xcel Energy Inc. and its subsidiaries

Federal and State Regulatory Agencies
CPUC Colorado Public Utilities Commission

EPA United States Environmental Protection Agency
FASB Financial Accounting Standards Board
FERC Federal Energy Regulatory Commission

MPSC Michigan Public Service Commission
MPUC Minnesota Public Utilities Commission

NDPSC North Dakota Public Service Commission
NMPRC New Mexico Public Regulation Commission
NRC Nuclear Regulatory Commission

PSCW Public Service Commission of Wisconsin
PUCT Public Utility Commission of Texas
SEC Securities and Exchange Commission
SDPUC South Dakota Public Utilities Commission

Other
AFUDC Allowance for funds used during construction

ALJ Administrative Law Judge

ASU Accounting standards update
ATM At-the-market

C&I Commercial and Industrial
CCR Coal combustion residuals
CCN Certificate of convenience and necessity
CCR Rule Final rule (40 CFR 257.50 - 257.107) published by EPA regulating the management, storage and disposal of CCRs as a nonhazardous waste
CDD Cooling degree-days

CEO Chief executive officer
CERCLA Comprehensive Environmental Response, Compensation, and Liability Act
CFO Chief financial officer
CO 2
Carbon dioxide

DRIP Dividend Reinvestment and Stock Purchase Program
DSM Demand side management
EPS Earnings per share
ETR Effective tax rate

FTR Financial transmission right

GAAP United States generally accepted accounting principles
GHG Greenhouse Gas
HDD Heating degree-days
IPP Independent power producing entity
IRP Integrated Resource Plan

LLC Limited liability company

MGP Manufactured gas plant
MISO Midcontinent Independent System Operator, Inc.
NAV Net asset value

NOx Nitrogen Oxides
O&M Operating and maintenance

PFAS Per- and Polyfluoroalkyl Substances

PPA Power purchase agreement
PTC Production tax credit

RFP Request for proposal
ROE Return on equity
ROU Right-of-use
RPS Renewable portfolio standard
RTO Regional transmission organization

SOFR Secured overnight financing rate
SPP Southwest Power Pool, Inc.

THI Temperature-humidity index

UCA Colorado Office of the Utility Consumer Advocate
VaR Value at risk
VIE Variable interest entity

Measurements

MMbtu
Million British Thermal Units
MW Megawatts
MWh Megawatt hours

3

Forward-Looking Statements

Except for the historical statements contained in this report, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2026 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases or refunds to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of interest rate changes, increased credit exposure, and legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2025 and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long-term operational planning; risks associated with wildfires; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; reputational impacts of actions by employees, directors, or third-parties; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; risks associated with the growth in large load customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; uncertainty regarding epidemics; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disaster and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing and changes in carbon markets.
4

Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1 — FINANCIAL STATEMENTS

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
( amounts in millions, except per share data)

Three Months Ended June 30 Six Months Ended June 30
2026 2025 2026 2025
Operating revenues
Electric $ 2,740   $ 2,878   $ 5,716   $ 5,713  
Natural gas 365   396   1,395   1,451  
Other 14   13   29   29  
Total operating revenues 3,119   3,287   7,140   7,193  

Operating expenses
Electric fuel and purchased power 678   918   1,697   1,938  
Cost of natural gas sold and transported 93   134   613   647  
Cost of sales — other 2   1   5   3  
Operating and maintenance expenses 691   675   1,366   1,361  
Conservation and demand side management expenses 107   88   228   198  
Depreciation and amortization 662   722   1,430   1,450  
Taxes (other than income taxes) 177   172   360   342  
Marshall Wildfire litigation 3   —   ( 19 ) —  
Total operating expenses 2,413   2,710   5,680   5,939  

Operating income 706   577   1,460   1,254  

Other income, net 37   68   59   75  
Earnings (loss) from equity method investments 76   ( 8 ) 89   ( 9 )
Allowance for funds used during construction — equity 105   69   197   117  

Interest charges and financing costs
Interest charges — includes other financing costs 443   349   855   681  
Allowance for funds used during construction — debt ( 45 ) ( 27 ) ( 85 ) ( 50 )
Total interest charges and financing costs 398   322   770   631  

Income before income taxes 526   384   1,035   806  
Income tax benefit ( 60 ) ( 60 ) ( 107 ) ( 121 )
Net income $ 586   $ 444   $ 1,142   $ 927  

Weighted average common shares outstanding:
Basic 625   586   625   580  
Diluted 627   588   627   582  

Earnings per average common share:
Basic $ 0.94   $ 0.76   $ 1.83   $ 1.60  
Diluted 0.93   0.75   1.82   1.59  

See Notes to Consolidated Financial Statements

5

Table of Contents

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(amounts in millions)

Three Months Ended June 30 Six Months Ended June 30
2026 2025 2026 2025
Net income $ 586   $ 444   $ 1,142   $ 927  
Other comprehensive income
Pension and retiree medical benefits:

Reclassifications of losses to net income, net of tax 1   —   1   —  
Derivative instruments:
Net fair value increase, net of tax —   5   3   —  
Reclassification of losses to net income, net of tax —   1   1   2  

Total other comprehensive income 1   6   5   2  
Total comprehensive income $ 587   $ 450   $ 1,147   $ 929  

See Notes to Consolidated Financial Statements

6

Table of Contents

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(amounts in millions)

  Six Months Ended June 30
  2026 2025
Operating activities
Net income $ 1,142   $ 927  
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 1,424   1,461  
Nuclear fuel amortization 59   55  
Deferred income taxes ( 28 ) 282  
Allowance for equity funds used during construction ( 197 ) ( 117 )
(Earnings) loss from equity method investments ( 89 ) 9  
Dividends from equity method investments 13   16  
Provision for bad debts 24   31  
Share-based compensation expense 23   21  
Changes in operating assets and liabilities:
Accounts receivable 50   85  
Accrued unbilled revenues 94   10  
Inventories ( 56 ) ( 97 )
Other current assets 571   89  
Accounts payable ( 140 ) ( 154 )
Net regulatory assets and liabilities 89   ( 50 )
Other current liabilities ( 107 ) ( 290 )
Pension and other employee benefit obligations ( 61 ) ( 115 )
Other, net ( 14 ) ( 54 )
Net cash provided by operating activities 2,797   2,109  

Investing activities
Capital/construction expenditures ( 5,970 ) ( 4,415 )
Purchase of investment securities ( 1,088 ) ( 571 )
Proceeds from the sale of investment securities 1,088   570  
Other, net 11   ( 14 )
Net cash used in investing activities ( 5,959 ) ( 4,430 )

Financing activities
Proceeds from short-term borrowings, net 960   125  
Proceeds from issuances of long-term debt 4,694   3,893  
Repayments of long-term debt ( 66 ) ( 932 )
Proceeds from issuance of common stock 11   1,143  
Dividends paid ( 708 ) ( 625 )
Other, net 7   ( 8 )
Net cash provided by financing activities 4,898   3,596  

Net change in cash, cash equivalents and restricted cash 1,736   1,275  
Cash, cash equivalents and restricted cash at beginning of period 274   179  
Cash, cash equivalents and restricted cash at end of period $ 2,010   $ 1,454  

Supplemental disclosure of cash flow information:
Cash paid for interest (net of amounts capitalized) $ ( 705 ) $ ( 583 )

Supplemental disclosure of non-cash investing and financing transactions:
Accrued property, plant and equipment additions $ 1,335   $ 1,081  
Inventory transfers to property, plant and equipment 102   217  
Operating lease and finance lease right-of-use assets 82   159  
Allowance for equity funds used during construction 197   117  
Issuance of common stock for reinvested dividends and/or equity awards 40   39  

See Notes to Consolidated Financial Statements

7

Table of Contents

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(amounts in millions, except share and per share data
June 30, 2026 Dec. 31, 2025
Assets
Current assets
Cash and cash equivalents $ 2,010   $ 274  
Accounts receivable, net 1,255   1,330  
Accrued unbilled revenues 786   880  
Inventories 745   761  
Regulatory assets 521   529  
Derivative instruments 178   165  

Prepayments and other 587   1,075  
Total current assets 6,082   5,014  

Property, plant and equipment, net 69,497   65,639  

Other assets
Nuclear decommissioning fund and other investments 4,727   4,389  
Regulatory assets 3,108   2,998  
Derivative instruments 44   54  
Operating lease right-of-use assets 865   893  
Finance lease right-of-use assets 1,421   1,348  
Other 1,421   1,036  
Total other assets 11,586   10,718  
Total assets $ 87,165   $ 81,371  

Liabilities and Equity
Current liabilities
Current portion of long-term debt $ 999   $ 501  
Short-term debt 2,510   1,550  
Accounts payable 2,323   2,307  
Regulatory liabilities 846   714  
Taxes accrued 416   579  
Accrued interest 385   337  
Dividends payable 370   355  
Derivative instruments 17   31  
Operating lease liabilities 107   110  
Other 699   605  
Total current liabilities 8,672   7,089  

Deferred credits and other liabilities
Deferred income taxes 6,012   6,004  
Regulatory liabilities 6,594   6,277  
Asset retirement obligations 3,293   3,888  
Derivative instruments 51   67  
Customer advances 123   129  
Pension and employee benefit obligations 307   365  
Operating lease liabilities 759   788  
Finance lease liabilities 1,288   1,262  
Other 61   61  
Total deferred credits and other liabilities 18,488   18,841  

Commitments and contingencies
Capitalization
Long-term debt 35,948   31,832  
Common stock — 1,000,000,000 shares authorized of $ 2.50 par value; 624,405,747 and 623,600,715 shares outstanding at June 30, 2026 and December 31, 2025, respectively
1,561   1,559  
Additional paid in capital 12,947   12,906  
Retained earnings 9,607   9,207  
Accumulated other comprehensive loss ( 58 ) ( 63 )
Total common stockholders’ equity 24,057   23,609  
Total liabilities and equity $ 87,165   $ 81,371  

See Notes to Consolidated Financial Statements

8

Table of Contents

XCEL ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS’ EQUITY (UNAUDITED)
(amounts in millions, except per share data; shares in actual amounts)

Common Stock Issued Retained Earnings Accumulated Other Comprehensive Loss  Total Common Stockholders' Equity
Shares Par Value Additional Paid
In Capital
Three Months Ended June 30, 2026 and 2025
Balance at March 31, 2025 576,547,051   $ 1,441   $ 9,729   $ 8,706   $ ( 72 ) $ 19,804  
Net income 444   444  
Other comprehensive income 6   6  
Dividends declared on common stock ($ 0.57 per share)
( 337 ) ( 337 )
Issuances of common stock 14,654,794   37   994   1,031  
Share-based compensation 13   13  
Balance at June 30, 2025 591,201,845   $ 1,478   $ 10,736   $ 8,813   $ ( 66 ) $ 20,961  

Balance at March 31, 2026 624,162,780   $ 1,560   $ 12,914   $ 9,391   $ ( 59 ) $ 23,806  
Net income 586   586  
Other comprehensive income 1   1  
Dividends declared on common stock ($ 0.59 per share)
( 370 ) ( 370 )
Issuances of common stock 242,967   1   18   19  
Share-based compensation 15   15  
Balance at June 30, 2026 624,405,747   $ 1,561   $ 12,947   $ 9,607   $ ( 58 ) $ 24,057  

Common Stock Issued Retained Earnings Accumulated Other Comprehensive Loss Total Common Stockholders' Equity
Shares Par Value Additional Paid
In Capital
Six Months Ended June 30, 2026 and 2025            
Balance at Dec. 31, 2024 574,365,598   $ 1,436   $ 9,601   $ 8,553   $ ( 68 ) $ 19,522  
Net income 927   927  
Other comprehensive income 2   2  
Dividends declared on common stock ($ 1.14 per share)
( 665 ) ( 665 )
Issuances of common stock 16,836,247   42   1,111   1,153  
Share-based compensation 24   ( 2 ) 22  
Balance at June 30, 2025 591,201,845   $ 1,478   $ 10,736   $ 8,813   $ ( 66 ) $ 20,961  

Balance at Dec. 31, 2025 623,600,715   $ 1,559   $ 12,906   $ 9,207   $ ( 63 ) $ 23,609  
Net income 1,142   1,142  
Other comprehensive income 5   5  
Dividends declared on common stock ($ 1.19 per share)
( 740 ) ( 740 )
Issuances of common stock 805,032   2   28   30  

Share-based compensation 13   ( 2 ) 11  
Balance at June 30, 2026 624,405,747   $ 1,561   $ 12,947   $ 9,607   $ ( 58 ) $ 24,057  

See Notes to Consolidated Financial Statements

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XCEL ENERGY INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (UNAUDITED)
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly, in accordance with GAAP, the financial position of Xcel Energy as of June 30, 2026 and Dec. 31, 2025; the results of Xcel Energy’s operations, including the components of net income, comprehensive income, and changes in stockholders’ equity for the three and six months ended June 30, 2026 and 2025; and Xcel Energy’s cash flows for the six months ended June 30, 2026 and 2025.
All adjustments are of a normal, recurring nature, except as otherwise disclosed. Management has also evaluated the impact of events occurring after June 30, 2026, up to the date of issuance of these consolidated financial statements. These statements contain all necessary adjustments and disclosures resulting from that evaluation. The Dec. 31, 2025 balance sheet information has been derived from the audited 2025 consolidated financial statements included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2025.
Notes to the consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP on an annual basis have been condensed or omitted pursuant to such rules and regulations. For further information, refer to the consolidated financial statements and notes thereto included in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2025, filed with the SEC on Feb. 25, 2026.
Due to the seasonality of Xcel Energy’s electric and natural gas sales, interim results are not necessarily an appropriate base from which to project annual results.

1. Summary of Significant Accounting Policies

The significant accounting policies set forth in Note 1 to the consolidated financial statements in the Xcel Energy Inc. Annual Report on Form 10-K for the year ended Dec. 31, 2025 appropriately represent, in all material respects, the current status of accounting policies and are incorpora ted herein by reference.

2. Accounting Pronouncements

Recently Issued
Disaggregation of Income Statement Expenses — In November 2024, the FASB issued ASU 2024-03 – Expense Disaggregation Disclosures (Subtopic 220-40) , which requires disclosure of additional detail for certain categories of income statement expenses. The ASU is effective for annual reporting periods beginning after Dec. 15, 2026 and interim reporting periods beginning after Dec. 15, 2027. Xcel Energy is evaluating the impact of the new disclosure guidance.
Environmental Credits — In May 2026, the FASB issued ASU 2026-02 – Environmental Credits and Environmental Credit Obligations (Topic 818) , which establishes accounting and disclosure requirements for certain environmental instruments, including renewable energy credits and emissions allowances, as well as for compliance obligations that will be satisfied with such credits. The ASU is effective for annual and interim periods beginning after Dec. 15, 2027. Xcel Energy is evaluating the impact of the new accounting and disclosure guidance.

3. Selected Balance Sheet Data

(Millions of Dollars) June 30, 2026 Dec. 31, 2025
Accounts receivable, net
Accounts receivable $ 1,339   $ 1,419  
Less allowance for bad debts ( 84 ) ( 89 )
Accounts receivable, net $ 1,255   $ 1,330  

(Millions of Dollars) June 30, 2026 Dec. 31, 2025
Inventories
Materials and supplies $ 551   $ 489  
Fuel 147   156  
Natural gas 47   116  
Total inventories $ 745   $ 761  

(Millions of Dollars) June 30, 2026 Dec. 31, 2025
Property, plant and equipment, net
Electric plant $ 64,607   $ 61,892  
Natural gas plant 10,807   10,517  
Common and other property 3,929   3,790  
Plant to be retired (a)
1,522   1,595  
Construction work in progress 9,835   8,085  
Total property, plant and equipment 90,700   85,879  
Less accumulated depreciation ( 21,670 ) ( 20,710 )
Nuclear fuel 3,734   3,678  
Less accumulated amortization ( 3,267 ) ( 3,208 )
Property, plant and equipment, net $ 69,497   $ 65,639  

(a) Amounts include Sherco Units 1 & 3 and A.S. King for NSP-Minnesota; Comanche Unit 3, Craig Unit 2, Hayden Units 1 and 2 for PSCo; and Tolk Unit 1 and 2 for SPS. Amounts are presented net of accumulated depreciation.
In the quarter ended June 30, 2026, NSP-Minnesota recognized reductions in depreciation expense and asset retirement obligations due to nuclear life extensions verbally approved in the Minnesota Electric Rate Case.

4. Borrowings and Other Financing Instruments

Short-Term Borrowings
Short-Term Debt — Xcel Energy Inc. and its utility subsidiaries meet their short-term liquidity requirements primarily through the issuance of commercial paper and borrowings under their credit facilities and term loan agreements.
Commercial paper and term loan borrowings outstanding for Xcel Energy:

(Amounts in Millions, Except Interest Rates) Three Months Ended June 30, 2026 Year Ended Dec. 31, 2025
Borrowing limit $ 6,250   $ 4,750  
Amount outstanding at period end 2,510   1,550  
Average amount outstanding 1,863   1,026  
Maximum amount outstanding 2,510   2,965  
Weighted average interest rate, computed on a daily basis 4.38   % 4.41   %
Weighted average interest rate at period end 4.31   3.95  

Revolving Credit Facilities — In order to issue commercial paper, Xcel Energy Inc. and its utility subsidiaries must have revolving credit facilities equal to or greater than the commercial paper borrowing limits and cannot issue commercial paper exceeding available credit facility capacity. The lines of credit provide short-term financing in the form of notes payable to banks, letters of credit and back-up support for commercial paper borrowings.

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As of June 30, 2026, Xcel Energy Inc. and its utility subsidiaries had the following committed revolving credit facilities available:

(Millions of Dollars) Credit Facility   (a)
Drawn (b)
Available
Xcel Energy Inc. $ 2,000   $ 965   $ 1,035  
PSCo 1,200   48   1,152  
NSP-Minnesota 800   44   756  
SPS 600   45   555  
NSP-Wisconsin 150   —   150  
Total $ 4,750   $ 1,102   $ 3,648  

(a) Expires in December 2029.
(b) Includes outstanding commercial paper and letters of credit.
Xcel Energy Inc., NSP-Minnesota, PSCo, and SPS each have the right to request an extension of the credit facility termination date for two additional one-year periods. NSP-Wisconsin has the right to request an extension of the credit facility termination date for an additional one-year period. All extension requests are subject to majority bank group approval.
All credit facility bank borrowings, outstanding letters of credit and outstanding commercial paper reduce the available capacity of the credit facility. Xcel Energy Inc. and its utility subsidiaries had no direct advances on the credit facilities outstanding as of June 30, 2026 and Dec. 31, 2025.
Letters of Credit   — Xcel Energy Inc. and its utility subsidiaries use letters of credit, generally with terms of one year, to provide financial guarantees for certain obligations. There were $ 92 million of letters of credit outstanding under the credit facilities at both June 30, 2026 and Dec. 31, 2025. Amounts approximate their fair value and are subject to fees.
Additionally, in March 2026, NSP-Minnesota, PSCo and SPS each entered into an uncommitted letter of credit agreement with overall limits of $ 50  million, $ 50  million and $ 150  million, respectively, to provide additional letter of credit capacity outside of the revolving credit facilities. As of June 30, 2026, a total of $ 2  million of letters of credit were outstanding under these continuing letter of credit agreements.
Bilateral Credit Agreement — In April 2026, NSP-Minnesota’s uncommitted bilateral credit agreement was renewed for an additional one-year term. The credit agreement is limited in use to support letters of credit.
As of June 30, 2026 and Dec. 31, 2025, NSP-Minnesota had $ 69 million of outstanding letters of credit under the $ 75 million bilateral credit agreement.
Term Loan Agreement — In January 2026, Xcel Energy Inc. entered into a $ 1.5  billion, 364-Day Delayed Draw Term Loan Agreement. The loan is unsecured and matures Jan. 30, 2027. The term loan includes one financial covenant, requiring Xcel Energy’s consolidated funded debt to total capitalization ratio to be less than or equal to 70 percent. Interest is at a rate equal to the Term SOFR rate, plus 85.0 basis points, or an alternate base rate. As of June 30, 2026 there was $ 1.5  billion outstanding under the term loan facility.

Long-Term Borrowings and Other Financing Instruments
During the six months ended June 30, 2026, Xcel Energy Inc. and its utility subsidiaries issued the following:
• Xcel Energy Inc. issued $ 800  million in aggregate principal amount of 5.75 % Fixed-to-Fixed Reset Rate Junior Subordinated Notes, Series due 2056.
• PSCo issued $ 700  million in aggregate principal amount of 4.15 % First Mortgage Bonds, Series No. 45 due March 13, 2029 and $ 600  million in aggregate principal amount of 5.05 % First Mortgage Bonds, Series No. 46 due June 15, 2036.
• NSP-Minnesota issued $ 600  million in aggregate principal amount of 4.85 % First Mortgage Bonds due May 15, 2036 and $ 600  million in aggregate principal amount of 5.55 % First Mortgage Bonds due May 15, 2056.
• NSP-Wisconsin issued $ 250  million in aggregate principal amount of 5.48 % First Mortgage Bonds due June 15, 2041.
• SPS issued $ 650  million in aggregate principal amount of 5.30 % First Mortgage Bonds due August 15, 2036 and $ 550  million in aggregate principal amount of 5.875 % First Mortgage Bonds due August 15, 2056.
ATM Equity Offerings — Xcel Energy Inc. filed prospectus supplements in August 2025 and May 2026 under which it may sell up to $ 4  billion and $ 4.3  billion of its common stock, respectively, through ATM programs. In addition to the issuance and sale of shares of common stock to or through sales agents, Xcel Energy Inc. also may use these ATM programs to enter into forward sale agreements. As of April 30, 2026, no further transactions will occur under the 2025 ATM program.
Forward Sale Agreements — Under these ATM programs, Xcel Energy Inc. has entered into multiple forward sale agreements in 2026 and 2025 in connection with completed public offerings of Xcel Energy common stock.
The following forward sale agreements remain outstanding as of June 30, 2026:

Agreements Entered Common Shares (in millions) Maturity Minimum Expected Proceeds (millions of dollars)

2025 forward equity agreements 12.2 Dec. 2026 to May 2027 (a)
$ 932   (b)

2025 collared forward equity agreements 15.1 Dec. 2026 1,044   (c)

2026 forward equity agreements 21.2 Dec. 2027 to Dec. 2028 (a)
1,705   (b)

2026 collared forward equity agreements 21.3 Dec. 2027 to Dec. 2028 1,496   (c)

(a) Maturity date varies by agreement. Xcel Energy may settle the agreements at any time until final maturity.
(b) Actual cash proceeds will be impacted by the timing of settlement. Forward prices are based on the public offering price (net of underwriting fees), increased for the overnight bank funding rate, less a spread and less expected dividends on Xcel Energy’s common stock during the period the agreements are outstanding.
(c) Minimum expected proceeds reflect the floor price. Actual cash proceeds will be based on an average market price for Xcel Energy’s common stock during a period preceding settlement, subject to the cap price and floor price, which are derived from the public offerings.
If settled in physical shares, stockholders’ equity equal to cash proceeds will be recorded at settlement.

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The collared forward equity agreements will not be settled until maturity, and net cash settlement and net share settlement are generally unavailable. The 2025 and 2026 forward equity agreements could have been settled at June 30, 2026 with physical delivery of common shares to the banking counterparties in exchange for cash; if Xcel Energy unilaterally elected net cash or net share settlement, these agreements also could have been settled with cash or shares of common stock, as follows:

Pro-Forma/Hypothetical Transactions
Agreements Entered Net Settlement proceeds (payments): Physical Share Delivery Proceeds (millions of dollars)
Common Shares (in millions) Net Cash (millions of dollars)
2025 forward equity agreements ( 0.5 ) $ ( 36 ) $ 934  
2026 forward equity agreements 0.1   10   1,708  

Equity through DRIP and Benefits Program — Xcel Energy issued $ 64  million and $ 39  million of equity through the DRIP and benefits programs during the six months ended June 30, 2026 and 2025, respectively. The programs allow shareholders to reinvest their dividends directly in Xcel Energy Inc. common stock.
Xcel Energy Inc.’s Purchase of Subsidiary First Mortgage Bonds — During the six months ended June 30, 2026, Xcel Energy Inc. purchased $ 89  million in aggregate principal amounts of NSP-Minnesota’s 3.60 % First Mortgage Bonds Series due Sept. 15, 2047, 2.90 % First Mortgage Bonds Series due March 1, 2050, 2.60 % First Mortgage Bonds Series due June 1, 2051 and 3.20 % First Mortgage Bonds Series due April 1, 2052, for $ 59  million. During the six months ended June 30, 2025, Xcel Energy Inc. purchased $ 128  million of NSP-Minnesota first mortgage bonds for $ 81  million.
During the six months ended June 30, 2026, Xcel Energy Inc. purchased $ 4  million in aggregate principal amounts of SPS’ 3.70 % First Mortgage Bonds due August 15, 2047, 4.40 % First Mortgage Bonds Series due November 15, 2048 and 3.75 % First Mortgage Bonds due June 15, 2049, for $ 3  million. Xcel Energy Inc. purchased no SPS first mortgage bonds in 2025.
On a consolidated basis, Xcel Energy Inc.’s repurchases of NSP-Minnesota and SPS First Mortgage Bonds were accounted for as debt extinguishments and resulted in pre-tax gains of approximately $ 29  million and $ 43  million for the six months ended June 30, 2026 and 2025, respectively, net of unamortized discount and debt issuance costs.

5. Revenues

Revenue is classified by the type of goods/services rendered and market/customer type. Xcel Energy’s operating revenues consisted of the following:

Three Months Ended June 30, 2026
(Millions of Dollars) Electric Natural Gas All Other Total
Major revenue types
Revenue from contracts with customers:
Residential $ 803   $ 184   $ 1   $ 988  
C&I 1,324   105   6   1,435  
Other 31   —   2   33  
Total retail 2,158   289   9   2,456  
Wholesale 89   —   —   89  
Transmission 190   —   —   190  
Other 13   44   —   57  
Total revenue from contracts with customers 2,450   333   9   2,792  
Alternative revenue and other 290   32   5   327  
Total revenues $ 2,740   $ 365   $ 14   $ 3,119  

Three Months Ended June 30, 2025
(Millions of Dollars) Electric Natural Gas All Other Total
Major revenue types
Revenue from contracts with customers:
Residential $ 881   $ 212   $ —   $ 1,093  
C&I 1,474   119   7   1,600  
Other 38   —   2   40  
Total retail 2,393   331   9   2,733  
Wholesale 145   —   —   145  
Transmission 169   —   —   169  
Other 22   45   —   67  
Total revenue from contracts with customers 2,729   376   9   3,114  
Alternative revenue and other 149   20   4   173  
Total revenues $ 2,878   $ 396   $ 13   $ 3,287  

Six Months Ended June 30, 2026
(Millions of Dollars) Electric Natural Gas All Other Total
Major revenue types
Revenue from contracts with customers:
Residential $ 1,707   $ 796   $ 2   $ 2,505  
C&I 2,716   439   15   3,170  
Other 66   —   4   70  
Total retail 4,489   1,235   21   5,745  
Wholesale 306   —   —   306  
Transmission 376   —   —   376  
Other 25   94   —   119  
Total revenue from contracts with customers 5,196   1,329   21   6,546  
Alternative revenue and other 520   66   8   594  
Total revenues $ 5,716   $ 1,395   $ 29   $ 7,140  

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Six Months Ended June 30, 2025
(Millions of Dollars) Electric Natural Gas All Other Total
Major revenue types
Revenue from contracts with customers:
Residential $ 1,805   $ 844   $ 1   $ 2,650  
C&I 2,807   439   17   3,263  
Other 73   —   4   77  
Total retail 4,685   1,283   22   5,990  
Wholesale 351   —   —   351  
Transmission 341   —   —   341  
Other 39   96   —   135  
Total revenue from contracts with customers 5,416   1,379   22   6,817  
Alternative revenue and other 297   72   7   376  
Total revenues $ 5,713   $ 1,451   $ 29   $ 7,193  

6. Income Taxes

Total income tax expense from operations differs from the amount computed by applying the statutory federal income tax rate to income before income tax expense.
Effective income tax reconciliation:

Three Months Ended June 30 Six Months Ended June 30
(Millions of Dollars) 2026 2025 2026 2025
Income before income taxes (domestic) $ 526   $ 384   $ 1,035   $ 806  

Federal statutory rate impact 111   81   217   169  
(Decreases) increases in tax from:
Tax credits
PTCs (a)
( 160 ) ( 130 ) ( 301 ) ( 269 )
Other ( 3 ) ( 4 ) ( 6 ) ( 8 )
Regulatory adjustments (b)

AFUDC equity ( 17 ) ( 10 ) ( 35 ) ( 23 )
Plant related excess deferred taxes ( 12 ) ( 13 ) ( 27 ) ( 27 )
Other 3   4   7   7  
State income taxes, net of federal tax effect (c)
20   13   42   26  
Other ( 2 ) ( 1 ) ( 4 ) 4  
Income tax benefit $ ( 60 ) $ ( 60 ) $ ( 107 ) $ ( 121 )

Three Months Ended June 30 Six Months Ended June 30
2026 2025 2026 2025
Federal statutory rate 21.0   % 21.0   % 21.0   % 21.0   %
(Decreases) increases in tax from:
Tax credits
PTCs (a)
( 30.4 ) ( 33.8 ) ( 29.1 ) ( 33.5 )
Other ( 0.6 ) ( 1.0 ) ( 0.7 ) ( 1.0 )
Regulatory adjustments (b)

AFUDC equity ( 3.3 ) ( 2.7 ) ( 3.4 ) ( 2.8 )
Plant related excess deferred taxes ( 2.3 ) ( 3.5 ) ( 2.6 ) ( 3.3 )
Other 0.6   1.0   0.8   0.8  
State income taxes, net of federal tax effect (c)
3.8   3.3   4.0   3.3  
Other ( 0.2 ) 0.1   ( 0.3 ) 0.5  
Effective income tax rate ( 11.4 ) % ( 15.6 ) % ( 10.3 ) % ( 15.0 ) %

(a) Wind and Solar PTCs (net of transfer discounts) are generally credited to customers (reduction to revenue) and do not materially impact earnings.
(b) Regulatory adjustments primarily relate to the credit of plant related excess deferred taxes to customers for tax rate changes as well as the capitalization of AFUDC equity for book purposes only. Income tax benefits associated with the credit of excess deferred taxes are offset by corresponding revenue reductions.
(c) State and local income taxes are primarily Minnesota and Colorado state taxes.

7. Earnings Per Share

Basic EPS was computed by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding. Diluted EPS was computed by dividing the earnings available to common shareholders by the diluted weighted average number of common shares outstanding.
Diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled.
Common Stock Equivalents — Common stock equivalents include commitments to issue common stock related to forward equity agreements, collared forward equity agreements and time-based equity compensation awards. To the extent dilutive, these items are included in diluted shares outstanding using the treasury stock method.
Stock equivalent units granted to Xcel Energy Inc.’s Board of Directors are included in common shares outstanding upon grant date as there is no further service, performance or market condition associated with these awards. Restricted stock issued to employees is included in common shares outstanding when granted.
Share-based compensation arrangements for which there is currently no dilutive impact to EPS include the following:
• Equity awards subject to a performance condition; included in common shares outstanding when all necessary conditions have been satisfied by the end of the reporting period.
• Liability awards subject to a performance condition; any portions settled in shares are included in common shares outstanding upon settlement.

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Common shares outstanding used in the basic and diluted EPS computation:

Three Months Ended June 30 Six Months Ended June 30
(Shares in Millions) 2026 2025 2026 2025
Basic 625   586   625   580  
Diluted (a)
627   588   627   582  

(a) Diluted common shares outstanding included common stock equivalents of 2.3 million and 2.0 million for the three months ended June 30, 2026 and 2025, respectively. Diluted common shares outstanding included common stock equivalents of 2.1 million and 1.7 million for the six months ended June 30, 2026 and 2025, respectively.

8. Fair Value of Financial Assets and Liabilities

Fair Value Measurements
Accounting guidance for fair value measurements and disclosures provides a hierarchical framework for disclosing the observability of the inputs utilized in measuring assets and liabilities at fair value.
• Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The types of assets and liabilities included in Level 1 are actively traded instruments with observable actual trading prices.
• Level 2 — Pricing inputs are other than actual trading prices in active markets but are either directly or indirectly observable as of the reporting date. The types of assets and liabilities included in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs.
• Level 3 — Significant inputs to pricing have little or no observability as of the reporting date. The types of assets and liabilities included in Level 3 include those valued with models requiring significant judgment or estimation.
Specific valuation methods include:
Investments in equity securities and other funds — Equity securities are valued using quoted prices in active markets. The fair values for commingled funds are measured using NAVs. The investments in commingled funds may be redeemed for NAV with proper notice. Private equity commingled funds require approval of the fund for any unscheduled redemption, and such redemptions may be approved or denied by the fund at its sole discretion. Unscheduled distributions from real estate commingled funds may be redeemed with proper notice, however, withdrawals may be delayed or discounted as a result of fund illiquidity.
Investments in debt securities — Fair values for debt securities are determined by a third party pricing service using recent trades and observable spreads from benchmark interest rates for similar securities.
Interest rate derivatives — Fair values of interest rate derivatives are based on broker quotes that utilize current market interest rate forecasts.
Commodity derivatives — Methods used to measure the fair value of commodity derivative forwards and options utilize forward prices and volatilities, as well as pricing adjustments for specific delivery locations, and are generally assigned a Level 2 classification. When contracts relate to inactive delivery locations or extend to periods beyond those readily observable on active exchanges, the significance of the use of less observable inputs on a valuation is evaluated and may result in Level 3 classification.

Electric commodity derivatives held by NSP-Minnesota and SPS include transmission congestion instruments, generally referred to as FTRs. FTRs purchased from an RTO are financial instruments that entitle or obligate the holder to monthly revenues or charges based on transmission congestion across a given transmission path.
The values of these instruments are derived from, and designed to offset, the costs of transmission congestion. In addition to overall transmission load, congestion is also influenced by the operating schedules of power plants and the consumption of electricity pertinent to a given transmission path. Unplanned plant outages, scheduled plant maintenance, changes in the relative costs of fuels used in generation, weather and overall changes in demand for electricity can each impact the operating schedules of the power plants on the transmission grid and the value of these instruments.
FTRs are recognized at fair value and adjusted each period prior to settlement. Given the limited observability of certain variables underlying the reported auction values of FTRs, these fair value measurements have been assigned a Level 3 classification.
Net congestion costs, including the impact of FTR settlements, are shared through fuel and purchased energy cost recovery mechanisms. As such, the fair value of the unsettled instruments (i.e., derivative asset or liability) is offset/deferred as a regulatory asset or liability.

Non-Derivative Fair Value Measurements
Nuclear Decommissioning Fund
The NRC requires NSP-Minnesota to maintain a portfolio of investments to fund the costs of decommissioning its nuclear generating plants. Assets of the nuclear decommissioning fund are legally restricted for the purpose of decommissioning these facilities. The fund contains cash equivalents, debt securities, equity securities and other investments. NSP-Minnesota uses the MPUC approved asset allocation for the investment targets by asset class for the qualified trust.
NSP-Minnesota recognizes the costs of funding the decommissioning over the lives of the nuclear plants, assuming rate recovery of all costs. Realized and unrealized gains on fund investments over the life of the fund are deferred as an offset of NSP-Minnesota’s regulatory asset or as a regulatory liability (dependent on funding status) for nuclear decommissioning costs. Consequently, any realized and unrealized gains and losses on securities in the nuclear decommissioning fund are deferred as a component of the regulatory asset/liability.
Unrealized gains for the nuclear decommissioning fund were $ 2.0  billion and $ 1.8  billion as of June 30, 2026 and Dec. 31, 2025, respectively, and unrealized losses were $ 47  million as of June 30, 2026 and Dec. 31, 2025.

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Non-derivative instruments with recurring fair value measurements in the nuclear decommissioning fund:

June 30, 2026
Fair Value
(Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total
Nuclear decommissioning fund (a)

Cash equivalents $ 70   $ 70   $ —   $ —   $ —   $ 70  
Commingled funds 752   —   —   —   1,175   1,175  
Debt securities 1,005   —   988   11   —   999  
Equity securities 484   1,983   1   —   —   1,984  
Total $ 2,311   $ 2,053   $ 989   $ 11   $ 1,175   $ 4,228  

(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $ 321 million of equity method investments and $ 178  million of rabbi trust assets and other miscellaneous investments.

Dec. 31, 2025
Fair Value
(Millions of Dollars) Cost Level 1 Level 2 Level 3 NAV Total
Nuclear decommissioning fund (a)

Cash equivalents $ 60   $ 60   $ —   $ —   $ —   $ 60  
Commingled funds 720   —   —   —   1,072   1,072  
Debt securities 944   —   934   11   —   945  
Equity securities 505   1,861   2   —   —   1,863  
Total $ 2,229   $ 1,921   $ 936   $ 11   $ 1,072   $ 3,940  

(a) Reported in nuclear decommissioning fund and other investments on the consolidated balance sheets, which also includes $ 285 million of equity method investments and $ 164 million of rabbi trust assets and other miscellaneous investments.
For the three and six months ended June 30, 2026 and 2025, there were no transfers of Level 3 investments between levels.
Contractual maturity dates of debt securities in the nuclear decommissioning fund as of June 30, 2026:

Final Contractual Maturity
(Millions of Dollars) Due in 1 Year or Less Due in 1 to 5 Years Due in 5 to 10 Years Due after 10 Years Total
Debt securities $ 3   $ 460   $ 328   $ 208   $ 999  

Rabbi Trusts
Xcel Energy has established rabbi trusts to provide partial funding for future deferred compensation plan distributions. The fair value of assets held in the rabbi trusts were $ 116  million and $ 107  million as of June 30, 2026 and Dec. 31, 2025, respectively, comprised of cash equivalents and mutual funds (level 1 valuation methods). Amounts are reported in nuclear decommissioning fund and other investments on the consolidated balance sheet.

Derivative Activities and Fair Value Measurements
Xcel Energy enters into derivative instruments, including forward contracts, futures, swaps and options, for trading purposes and to manage risk in connection with changes in interest rates and utility commodity prices.

Interest Rate Derivatives — Xcel Energy enters into contracts that effectively fix the interest rate on a specified principal amount of a hypothetical future debt issuance. These financial swaps net settle based on changes in a specified benchmark interest rate, acting as a hedge of changes in market interest rates that will impact specified anticipated debt issuances. These derivative instruments are designated as cash flow hedges for accounting purposes, with changes in fair value prior to occurrence of the hedged transactions recorded as other comprehensive income.
As of June 30, 2026, accumulated other comprehensive loss related to interest rate derivatives included $ 3  million of net losses expected to be reclassified into earnings during the next 12 months as the hedged transactions impact earnings. As of June 30, 2026, Xcel Energy had unsettled interest rate derivatives with a notional amount of $ 130  million.
See Note 11 for the financial impact of qualifying interest rate cash flow hedges on Xcel Energy’s accumulated other comprehensive loss included in the consolidated statements of common stockholder’s equity and in the consolidated statements of comprehensive income.
Wholesale and Commodity Trading — Xcel Energy Inc.’s utility subsidiaries conduct various wholesale and commodity trading activities, including the purchase and sale of electric capacity, energy, energy-related instruments and natural gas-related instruments, including derivatives. Xcel Energy is allowed to conduct these activities within guidelines and limitations as approved by its risk management committee, comprised of management personnel not directly involved in the activities governed by this policy.
Results of derivative instrument transactions entered into for trading purposes are presented in the consolidated statements of income as electric revenues, net of any sharing with customers. These activities are not intended to mitigate commodity price risk associated with regulated electric and natural gas operations. Sharing of these margins is determined through state regulatory proceedings as well as the operation of the FERC-approved joint operating agreement.
Commodity Derivatives — Xcel Energy enters into derivative instruments to manage variability of future cash flows from changes in commodity prices in its electric and natural gas operations. This could include the purchase or sale of energy or energy-related products, natural gas to generate electric energy, natural gas for resale and FTRs.
The most significant derivative positions outstanding at June 30, 2026 and Dec. 31, 2025 for this purpose relate to FTR instruments administered by MISO and SPP. These instruments are intended to offset the impacts of transmission system congestion.
When Xcel Energy enters into derivative instruments that mitigate commodity price risk on behalf of electric and natural gas customers, the instruments are not typically designated as qualifying hedging transactions. The classification of unrealized losses or gains on these instruments as a regulatory asset or liability, if applicable, is based on approved regulatory recovery mechanisms.
As of June 30, 2026, Xcel Energy had no commodity contracts designated as cash flow hedges.

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Gross notional amounts of commodity forwards, options and FTRs:

(Amounts in Millions) (a)(b)
June 30, 2026 Dec. 31, 2025
MWh of electricity 53   35  
MMBtu of natural gas 76   31  

(a) Not reflective of net positions in the underlying commodities.
(b) Notional amounts for options included on a gross basis but weighted for the probability of exercise.
Consideration of Credit Risk and Concentrations — Xcel Energy continuously monitors the creditworthiness of counterparties to its interest rate derivatives and commodity derivative contracts prior to settlement and assesses each counterparty’s ability to perform on the transactions set forth in the contracts. Impact of credit risk was immaterial to the fair value of unsettled commodity derivatives presented on the consolidated balance sheets.
Xcel Energy’s utility subsidiaries’ often have significant concentrations of credit risk with particular entities or industries in their wholesale, trading and non-trading commodity activities.
As of June 30, 2026, two of Xcel Energy’s ten most significant counterparties for these activities, comprising $ 26  million, or 21 %, of this credit exposure, had investment grade credit ratings from S&P Global Ratings, Moody’s Investor Services or Fitch Ratings.
Seven of the ten most significant counterparties, comprising $ 68  million, or 54 %, of this credit exposure, were not rated by these external ratings agencies, but based on Xcel Energy’s internal analysis, had credit quality consistent with investment grade.
One of these significant counterparties, comprising $ 10  million, or 8 %, of this credit exposure, had credit quality less than investment grade, based on internal analysis.
Nine of these ten significant counterparties are municipal or cooperative electric entities, RTOs or other utilities.
Credit Related Contingent Features — Contract provisions for derivative instruments that the utility subsidiaries enter, including those accounted for as normal purchase and normal sale contracts and therefore not reflected on the consolidated balance sheets, may require the posting of collateral or settlement of the contracts for various reasons, including if the applicable utility subsidiary’s credit ratings are downgraded below its investment grade credit rating by any of the major credit rating agencies.
As of June 30, 2026 and Dec. 31, 2025, there were $ 4  million and $ 7  million of derivative liabilities with such underlying contract provisions.
Certain contracts also contain cross default provisions that may require the posting of collateral or settlement of the contracts if there was a failure under other financing arrangements related to payment terms or other covenants.
As of June 30, 2026 and Dec. 31, 2025, there were approximately $ 43  million and $ 62  million of derivative liabilities with such underlying contract provisions, respectively.

Certain derivative instruments are also subject to contract provisions that contain adequate assurance clauses. These provisions allow counterparties to seek performance assurance, including cash collateral, in the event that a given utility subsidiary’s ability to fulfill its contractual obligations is reasonably expected to be impaired.
Xcel Energy had no collateral posted related to adequate assurance clauses in derivative contracts as of June 30, 2026 and Dec. 31, 2025, respectively.
Recurring Derivative Fair Value Measurements
Interest rate cash flow hedge gains and losses reclassified into interest expense from accumulated other comprehensive loss were immaterial for the three and six months ended June 30, 2026 and 2025.
Other impacts of derivative activity:

Pre-Tax Fair Value Gains (Losses) Recognized During the Period in:
(Millions of Dollars) Accumulated Other Comprehensive Loss Regulatory Assets and Liabilities
Three Months Ended June 30, 2026

Other derivative instruments:
Electric commodity $ —   $ ( 52 )

Total $ —   $ ( 52 )

Six Months Ended June 30, 2026
Derivatives designated as cash flow hedges:
Interest rate $ 4   $ —  
Total $ 4   $ —  
Other derivative instruments:
Electric commodity $ —   $ ( 66 )
Natural gas commodity —   10  
Total $ —   $ ( 56 )

Three Months Ended June 30, 2025
Derivatives designated as cash flow hedges:
Interest rate $ 5   $ —  
Total $ 5   $ —  
Other derivative instruments:
Electric commodity $ —   $ 9  

Total $ —   $ 9  

Six Months Ended June 30, 2025
Derivatives designated as cash flow hedges:
Interest rate $ 1   $ —  
Total $ 1   $ —  
Other derivative instruments:
Electric commodity $ —   $ 14  
Natural gas commodity —   7  
Total $ —   $ 21  

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Pre-Tax (Gains) Losses Reclassified into Income During the Period from Regulatory Assets and Liabilities Pre-Tax Gains (Losses) Recognized During the Period in Income
(Millions of Dollars)
Three Months Ended June 30, 2026

Other derivative instruments:

Electric commodity $ 10   (a)
$ —  

Total $ 10   $ —  

Six Months Ended June 30, 2026

Other derivative instruments:
Commodity trading $ —   $ 4   (b)

Electric commodity ( 15 ) (a)
—  
Natural gas commodity —   ( 14 ) (c) (d)

Total $ ( 15 ) $ ( 10 )

Three Months Ended June 30, 2025

Other derivative instruments:
Commodity trading $ —   $ 6   (b)

Electric commodity ( 16 ) (a)
—  

Total $ ( 16 ) $ 6  

Six Months Ended June 30, 2025

Other derivative instruments:
Commodity trading $ —   $ ( 7 ) (b)

Electric commodity ( 21 ) (a)
—  
Natural gas commodity —   ( 13 ) (c) (d)

Total $ ( 21 ) $ ( 20 )

(a) Recorded to electric fuel and purchased power. These derivative settlement gains and losses are shared with electric customers through fuel and purchased energy cost-recovery mechanisms, and reclassified out of income as regulatory assets or liabilities, as appropriate. FTR settlements are shared with customers and do not have a material impact on net income. Presented amounts reflect changes in fair value between auction and settlement dates, but exclude the original auction fair value.
(b) Recorded to electric revenues. Presented amounts do not reflect non-derivative transactions or margin sharing with customers.
(c) Amounts are primarily recorded to cost of natural gas sold and transported. Amounts are subject to cost recovery mechanisms and reclassified out of income to a regulatory asset, as appropriate.
(d) Relates primarily to option premium amortization .
Xcel Energy had no derivative instruments designated as fair value hedges during the six months ended June 30, 2026 and 2025.

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Derivative assets and liabilities measured at fair value on a recurring basis were as follows:

June 30, 2026 Dec. 31, 2025
Fair Value Fair Value Total Netting (a)
Total Fair Value Fair Value Total Netting (a)
Total
(Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Current derivative assets
Derivatives designated as cash flow hedges:
Interest rate $ —   $ 4   $ —   $ 4   $ —   $ 4   $ —   $ 1   $ —   $ 1   $ —   $ 1  
Other derivative instruments:
Commodity trading $ 3   $ 6   $ 5   $ 14   $ ( 10 ) $ 4   $ 2   $ 13   $ 7   $ 22   $ ( 16 ) $ 6  
Electric commodity —   —   171   171   ( 2 ) 169   —   —   147   147   ( 3 ) 144  
Natural gas commodity —   1   —   1   —   1   —   14   —   14   —   14  
Total current derivative assets $ 3   $ 11   $ 176   $ 190   $ ( 12 ) $ 178   $ 2   $ 28   $ 154   $ 184   $ ( 19 ) $ 165  

Noncurrent derivative assets
Other derivative instruments:
Commodity trading $ 3   $ 29   $ 19   $ 51   $ ( 7 ) $ 44   $ 3   $ 28   $ 34   $ 65   $ ( 11 ) $ 54  

Total noncurrent derivative assets $ 3   $ 29   $ 19   $ 51   $ ( 7 ) $ 44   $ 3   $ 28   $ 34   $ 65   $ ( 11 ) $ 54  

June 30, 2026 Dec. 31, 2025
Fair Value Fair Value Total Netting (a)
Total Fair Value Fair Value Total Netting (a)
Total
(Millions of Dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Current derivative liabilities

Other derivative instruments:
Commodity trading $ 3   $ 13   $ 11   $ 27   $ ( 16 ) $ 11   $ 5   $ 22   $ 6   $ 33   $ ( 18 ) $ 15  
Electric commodity —   —   2   2   ( 2 ) —   —   —   3   3   ( 3 ) —  
Natural gas commodity —   —   —   —   —   —   —   10   —   10   —   10  
Total current derivative liabilities $ 3   $ 13   $ 13   $ 29   $ ( 18 ) 11   $ 5   $ 32   $ 9   $ 46   $ ( 21 ) 25  
PPAs (b)
6   6  
Current derivative instruments $ 17   $ 31  
Noncurrent derivative liabilities
Other derivative instruments:
Commodity trading $ 5   $ 21   $ 30   $ 56   $ ( 11 ) $ 45   $ 6   $ 24   $ 40   $ 70   $ ( 13 ) $ 57  
Total noncurrent derivative liabilities $ 5   $ 21   $ 30   $ 56   $ ( 11 ) 45   $ 6   $ 24   $ 40   $ 70   $ ( 13 ) 57  
PPAs (b)
6   10  
Noncurrent derivative instruments $ 51   $ 67  

(a) Xcel Energy nets derivative instruments and related collateral on its consolidated balance sheets when supported by a legally enforceable master netting agreement. At June 30, 2026 and Dec. 31, 2025, derivative assets and liabilities include no obligations to return cash collateral. At June 30, 2026 and Dec. 31, 2025, derivative assets and liabilities include rights to reclaim cash collateral of $ 10  million and $ 4  million, respectively. Counterparty netting amounts presented exclude settlement receivables and payables and non-derivative amounts that may be subject to the same master netting agreements.
(b) Xcel Energy currently applies the normal purchase exception to qualifying PPAs. Balance relates to specific contracts that were previously recognized at fair value prior to applying the normal purchase exception, and are being amortized over the remaining contract lives along with the offsetting regulatory assets and liabilities.

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Changes in Level 3 commodity derivatives:

Three Months Ended June 30
(Millions of Dollars) 2026 2025
Balance at April 1 $ 139   $ 118  
Purchases (a)
133   194  
Settlements (a)
( 61 ) ( 86 )
Net transactions recorded during the period:
Losses recognized in earnings (b)
( 8 ) ( 6 )
Net (losses) gains recognized as regulatory assets and liabilities (a)
( 51 ) 23  
Balance at June 30 $ 152   $ 243  

Six Months Ended June 30
(Millions of Dollars) 2026 2025
Balance at Jan. 1 $ 139   $ 99  
Purchases (a)
238   260  
Settlements (a)
( 108 ) ( 144 )
Net transactions recorded during the period:
Losses recognized in earnings (b)
( 15 ) ( 8 )
Net (losses) gains recognized as regulatory assets and liabilities (a)
( 102 ) 36  
Balance at June 30 $ 152   $ 243  

(a) Relates primarily to NSP-Minnesota and SPS FTR instruments administered by MISO and SPP.
(b) Relates to commodity trading and is subject to offsetting losses and gains on derivative instruments categorized as levels 1 and 2 in the income statement. See above tables for the income statement impact of derivative activity, including commodity trading gains and losses.

Fair Value of Long-Term Debt
Other financial instruments for which the carrying amount did not equal fair value:

June 30, 2026 Dec. 31, 2025
(Millions of Dollars) Carrying Amount Fair Value Carrying Amount Fair Value
Long-term debt, including current portion $ 36,947   $ 34,123   $ 32,333   $ 29,943  

Fair value of Xcel Energy’s long-term debt is estimated based on recent trades and observable spreads from benchmark interest rates for similar securities. Fair value estimates are based on information available to management as of June 30, 2026 and Dec. 31, 2025, and given the observability of the inputs, fair values presented for long-term debt were assigned as Level 2.

9. Benefit Plans and Other Postretirement Benefits

Components of Net Periodic Benefit Cost (Credit)

Three Months Ended June 30
2026 2025 2026 2025
(Millions of Dollars) Pension Benefits Postretirement Health
Care Benefits
Service cost $ 20   $ 19   $ 1   $ —  
Interest cost (a)
39   39   6   6  
Expected return on plan assets (a)
( 50 ) ( 52 ) ( 5 ) ( 5 )
Amortization of prior service credit (a)
( 1 ) —   —   —  
Amortization of net loss (a)
11   7   1   1  

Net periodic benefit cost 19   13   3   2  
Effects of regulation —   2   —   —  
Net benefit cost recognized for financial reporting $ 19   $ 15   $ 3   $ 2  

Six Months Ended June 30
2026 2025 2026 2025
(Millions of Dollars) Pension Benefits Postretirement Health
Care Benefits
Service cost $ 40   $ 38   $ 1   $ —  
Interest cost (a)
78   78   12   12  
Expected return on plan assets (a)
( 100 ) ( 104 ) ( 10 ) ( 10 )
Amortization of prior service credit (a)
( 1 ) —   —   —  
Amortization of net loss (a)
22   14   2   2  

Net periodic benefit cost 39   26   5   4  
Effects of regulation ( 1 ) 4   —   —  
Net benefit cost recognized for financial reporting $ 38   $ 30   $ 5   $ 4  

(a) The components of net periodic cost other than the service cost component are included in the line item “Other income, net” in the consolidated statements of income or capitalized on the consolidated balance sheets as a regulatory asset.
In January 2026, contributions totaling $ 75 million were made across Xcel Energy’s pension plans. Xcel Energy does not expect additional pension contributions during 2026.

10. Commitments and Contingencies

Legal
Xcel Energy is involved in various litigation matters in the ordinary course of business. The assessment of whether a loss is probable or is a reasonable possibility, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. Management maintains accruals for losses probable of being incurred and subject to reasonable estimation. 
Management is sometimes unable to estimate an amount or range of a reasonably possible loss in certain situations, including but not limited to when (1) the damages sought are indeterminate, (2) the proceedings are in the early stages, or (3) the matters involve novel or unsettled legal theories.
In such cases, there is considerable uncertainty regarding the timing or ultimate resolution, including a possible eventual loss. For current proceedings not specifically reported herein, management does not anticipate that the ultimate liabilities, if any, would have a material effect on Xcel Energy’s consolidated financial statements. Legal fees are generally expensed as incurred.

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2024 Smokehouse Creek Fire Complex — On February 26, 2024, multiple wildfires began in the Texas Panhandle, including the Smokehouse Creek Fire and the 687 Reamer Fire, which burned into the perimeter of the Smokehouse Creek Fire (together, referred to herein as the “Smokehouse Creek Fire Complex”). The Texas A&M Forest Service issued incident reports that determined that the Smokehouse Creek Fire and the 687 Reamer Fire were caused by power lines owned by SPS after wooden poles near each fire origin failed. According to the Texas A&M Forest Service’s Incident Viewer and news reports, the Smokehouse Creek Fire Complex burned approximately 1,055,000 acres.
After reaching the generally applicable two-year statute of limitations for property damage in Texas, SPS is aware of approximately 73 complaints, most of which have also named Xcel Energy Services Inc. as an additional defendant, relating to the Smokehouse Creek Fire Complex. The complaints, which assert claims on behalf of one or more plaintiffs, generally allege that SPS’ equipment ignited the Smokehouse Creek Fire Complex and seek compensation for losses resulting from the fire, asserting various causes of action under Texas law. In addition to seeking compensatory damages, certain of the complaints also seek exemplary damages. Of the 73 complaints, 28 have been resolved.
SPS has received 304 claims through its claims process, net of duplicative, withdrawn and denied claims, and has reached final settlements on 237 of those claims as of the date of this filing. In addition to filed complaints and claims made through SPS’ claims process, SPS has also received information from attorneys for approximately 107 additional claims and has reached settlement of 79 of those claims through mediation.
In December 2025, the Texas Attorney General’s office filed a lawsuit against SPS regarding the Smokehouse Creek Fire, seeking monetary damages and civil penalties for losses to property and wildlife resulting from the fires. In February 2026, pending resolution of the lawsuit, SPS and the Texas Attorney General’s office jointly filed a temporary injunction agreeing to certain distribution pole replacement procedures, largely consistent with current procedures.
SPS has settled claims related to both fatalities believed to be associated with the Smokehouse Creek Fire Complex. Settlements have also been reached with the subrogated insurer plaintiffs as well as the three largest claims asserted from the fire, as measured by fire-impacted acreage. Settlements reached as of the date of this filing total $ 404  million of expected loss payments, of which $ 398  million and $ 374  million were paid through June 30, 2026 and Dec. 31, 2025, respectively.
Based on the current state of the law and the facts and circumstances available as of the date of this filing, Xcel Energy has recorded $ 56  million of remaining estimated probable losses for the matter (before available insurance), for a total estimated loss of $ 460  million. Additionally, approximately $ 43  million in legal costs have been incurred as of June 30, 2026, resulting in total estimated losses and incurred costs related to this proceeding of $ 503  million as of June 30, 2026. An estimated liability of $ 62  million and $ 56  million for estimated losses is presented in other current liabilities as of June 30, 2026 and Dec. 31, 2025, respectively.

The estimated remaining probable losses for complaints and claims in connection with the Smokehouse Creek Fire Complex (before available insurance) represents the low end of the range for remaining reasonably estimable losses and is subject to change as additional information becomes available. This estimate does not include amounts for (i) potential penalties or fines that may be imposed by governmental entities on Xcel Energy, (ii) exemplary or punitive damages, (iii) compensation claims by federal, state, county and local government entities or agencies, (iv) unsettled compensation claims for damage to oil and gas equipment, or (v) other amounts that are not reasonably estimable.
Xcel Energy remains unable to reasonably estimate any additional loss or the upper end of the range because there are a number of unknown facts and legal considerations that may impact the amount of any potential liability, including the nature of demands that may be made. Resolution of remaining complaints and claims associated with the Smokehouse Creek Fire Complex could exceed our insurance coverage of $ 525  million for the annual policy period (of which approximately $ 80  million of coverage remains after consideration of settlements reached and legal costs incurred through June 30, 2026) and could have a material adverse effect on our financial condition, results of operations or cash flows.
The process for estimating losses associated with potential claims related to the Smokehouse Creek Fire Complex requires management to exercise significant judgment based on a number of assumptions and subjective factors, including the factors identified above and estimates based on currently available information and prior experience with wildfires. As more information becomes available, management estimates and assumptions regarding the potential financial impact of the Smokehouse Creek Fire Complex may change.
Texas law does not apply strict liability in determining an electric utility company’s liability for fire-related damages. For negligence claims under Texas law, a public utility has a duty to exercise ordinary and reasonable care.
Potential liabilities related to the Smokehouse Creek Fire Complex depend on various factors, including the cause of the equipment failure and the extent and magnitude of potential damages, including damages to residential and commercial structures, personal property, vegetation, livestock and livestock feed (including replacement feed), personal injuries and any other damages, penalties, fines or restitution that may be imposed by courts or other governmental entities if SPS is found to have been negligent.
SPS records insurance recoveries when it is deemed probable that recovery will occur, and SPS can reasonably estimate the amount or range. Insurance receivables for estimated losses of approximately $ 81  million and $ 195  million, net of recoveries received are presented in prepayments and other current assets as of June 30, 2026 and Dec. 31, 2025, respectively. While SPS plans to seek recovery of all insured losses, it is unable to predict the ultimate amount and timing of such insurance recoveries.
Marshall Wildfire Litigation — In December 2021, a wildfire occurred in Boulder County, Colorado (Marshall Fire). According to a 2023 report of the Boulder County Sheriff, on Dec. 30, 2021, a fire ignited on a residential property in Boulder, Colorado for reasons unrelated to PSCo’s power lines. Also according to the report, approximately one hour and 20 minutes after the first ignition, a second fire ignited just south of the Marshall Mesa Trailhead in unincorporated Boulder County, Colorado, approximately 80 to 110 feet away from PSCo’s power lines in the area.

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PSCo received complaints alleging that PSCo’s equipment ignited the Marshall Fire and asserted various causes of action under Colorado law. In addition to asserting claims against PSCo and certain of its affiliates, various plaintiffs asserted claims against certain telecommunications companies.
In September 2025, Xcel Energy and other defendants reached settlement agreements in principle that resolved all claims and required PSCo to make settlement payments of $ 640  million. PSCo did not admit any fault, wrongdoing or negligence in connection with these settlement agreements. As of July 2026, settlements have been executed with all plaintiffs and subrogation insurers.
As a result of settlements as well as legal and other costs of the matter, PSCo recognized charges to earnings of $ 298  million in the year ended Dec. 31, 2025, after consideration of total costs expected to be reimbursed by insurance. In 2026, PSCo increased its estimated amount recoverable from insurance, contributing to a net $ 19  million credit to earnings for the six months ended June 30, 2026.
Rate Matters and Other
Xcel Energy’s operating subsidiaries are involved in various regulatory proceedings arising in the ordinary course of business. Until resolution, typically in the form of a rate order, uncertainties may exist regarding the ultimate rate treatment for certain activities and transactions. Amounts have been recognized for probable and reasonably estimable losses that may result. Unless otherwise disclosed, any reasonably possible range of loss in excess of any recognized amount is not expected to have a material effect on the consolidated financial statements.
Prairie Island Outage Prudency Review — In March 2024, NSP-Minnesota filed its annual fuel clause adjustment true-up petition to the MPUC. In a response to that petition, intervenors recommended refunds for replacement power costs related to an outage at the Prairie Island generating station (October 2023 through February 2024).
In a September 2024 decision, the MPUC ruled NSP-Minnesota was imprudent in the operation of the Prairie Island nuclear plant based on an incident that resulted in the extended outage. The MPUC did not quantify the refund and referred the determination of the refund amount to the Office of Administrative Hearings. NSP-Minnesota recorded an estimated liability for a customer refund in 2024.
In March 2026, the ALJ recommended a $ 41  million disallowance of estimated replacement power costs. In May 2026, the MPUC ordered a $ 41  million disallowance, consistent with the ALJ recommendation. NSP-Minnesota recognized an incremental $ 37  million in customer refunds, including interest, to electric revenues in the first quarter of 2026. Incremental interest was recognized in the second quarter of 2026.

Environmental
New and changing federal and state environmental mandates can create financial liabilities for Xcel Energy, which are normally recovered through the regulated rate process.
Site Remediation
Various federal and state environmental laws impose liability where hazardous substances or other regulated materials have been released to the environment. Xcel Energy Inc.’s subsidiaries may sometimes pay all or a portion of the cost to remediate sites where past activities of their predecessors or other parties have caused environmental contamination.

Environmental contingencies could arise from various situations, including sites of former MGPs; and third-party sites, such as landfills, for which one or more of Xcel Energy Inc.’s subsidiaries are alleged to have sent wastes to that site.
MGP, Landfill and Disposal Sites
Xcel Energy is investigating, remediating or performing post-closure actions at 15 historical MGP, landfill or other disposal sites across its service territories, excluding sites that are being addressed under current coal ash regulations (see below).
Xcel Energy has approximately $ 15  million of remaining liabilities for resolution of these issues, however, the final outcome and timing are unknown. In addition, there may be regulatory recovery, insurance recovery and/or recovery from other potentially responsible parties, offsetting a portion of costs incurred.
Water and Waste
Coal Ash Regulation — Xcel Energy is subject to the CCR Rule, which imposes requirements for handling, storage, treatment and disposal of coal ash and other solid waste.
In May 2024, final amendments to the CCR Rule were published, widening its scope to include legacy CCR surface impoundments at inactive facilities and previously exempt areas where CCR was placed directly on land at CCR-regulated facilities, including areas of beneficial use.
As a requirement of the CCR Rule, utilities must complete facility evaluations and groundwater sampling around their subject landfills, surface impoundments and certain other areas where coal ash was placed on land.
If certain impacts to groundwater are detected, utilities are required to perform additional groundwater investigations and/or perform corrective actions.
Xcel Energy continues to perform site investigation activities related to the CCR Rule, which may result in updates to estimated costs as well as identification of additional required corrective actions.
In February 2026, the EPA issued a final rule amending the CCR Legacy rule. The ruling extends deadlines for various regulatory actions and clarifies previous information regarding implementation of the rule. Xcel Energy anticipates impacts to be consistent with prior accruals.
In April 2026, the EPA published a new proposed rule with additional amendments to the CCR Legacy Rule. Xcel Energy is evaluating this proposed rule and its potential impacts. 
Air
Clean Air Act NOx Allowance Allocations — In June 2023, the EPA published final regulations for ozone under the “Good Neighbor” provisions of the Clean Air Act that established NOx allowance budgets for fossil fuel-fired electric generating facilities in subject states. The final rule establishes a federal plan and applies to generation facilities in Minnesota, Texas, and Wisconsin, as well as other states outside of our service territory. The EPA later proposed to include New Mexico in the federal plan.
If the rule is implemented, Xcel Energy anticipates the annual costs could be significant but recoverable through regulatory mechanisms. However, the plan is subject to both judicial and administrative stays while the EPA reconsiders the rule. In January 2026, the EPA proposed Phase 1 of its reconsideration of the “Good Neighbor” rule. Xcel Energy will continue to evaluate any additional phases of the reconsideration of this rule as they are published by the EPA.

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Leases
Finance lease payments are allocated between interest charges and depreciation and amortization on the consolidated statements of income. PPA operating lease payments are included in electric fuel and purchased power, and expense for other operating leases is included in O&M expense and electric fuel and purchased power.
Components of lease expense:

Three Months Ended June 30
(Millions of Dollars) 2026 2025
Operating leases
PPA capacity payments $ 31   $ 54  
Other operating leases (a)
5   10  
Total operating lease expense $ 36   $ 64  
Finance leases
Amortization of ROU assets $ 10   $ 1  
Interest expense on lease liability 25   3  
Total finance lease expense $ 35   $ 4  

Six Months Ended June 30
(Millions of Dollars) 2026 2025
Operating leases
PPA capacity payments $ 60   $ 111  
Other operating leases (a)
18   23  
Total operating lease expense $ 78   $ 134  
Finance leases
Amortization of ROU assets $ 20   $ 2  
Interest expense on lease liability 47   7  
Total finance lease expense $ 67   $ 9  

(a) Includes immaterial short-term lease expense.
Commitments under operating and finance leases as of June 30, 2026:

(Millions of Dollars) PPA Operating
Leases Other Operating
Leases Total Operating
Leases Finance
 Leases (a)

Total minimum obligation $ 572   $ 669   $ 1,241   $ 2,192  
Interest component of obligation ( 80 ) ( 295 ) ( 375 ) ( 864 )
Present value of minimum obligation $ 492   $ 374   866   1,328  
Less current portion ( 107 ) ( 40 )
Noncurrent operating and finance lease liabilities $ 759   $ 1,288  

(a) Excludes certain amounts related to PSCo’s lease obligations given Xcel Energy’s 50 % ownership interest in WYCO.

Variable Interest Entities
Under certain PPAs, NSP-Minnesota, PSCo and SPS purchase power from IPPs for which the utility subsidiaries are required to reimburse fuel costs, or to participate in tolling arrangements under which the utility subsidiaries procure the natural gas required to produce the energy that they purchase. Xcel Energy has determined that certain IPPs are VIEs, however Xcel Energy is not directly subject to risk of loss from the operations of these entities, and no additional significant financial support is required other than contractual payments for energy and capacity.
In addition, certain solar PPAs provide an option to purchase emission allowances or sharing provisions for specified transactions. These specific PPAs create a variable interest in the IPP.
Xcel Energy evaluated each of these VIEs for possible consolidation and concluded that these entities are not required to be consolidated in its consolidated financial statements because Xcel Energy does not have the power to direct the activities that most significantly impact the entities’ economic performance.
The utility subsidiaries had 3,476 MW of capacity under long-term PPAs at both June 30, 2026 and Dec. 31, 2025 with entities that have been determined to be variable interest entities. The PPAs have expiration dates through 2048.

Other
Guarantees and Bond Indemnifications — Xcel Energy Inc. and its subsidiaries provide guarantees and bond indemnities, which guarantee payment or performance. Xcel Energy Inc.’s exposure is based upon the net liability under the specified agreements or transactions. Most of the guarantees and bond indemnities issued by Xcel Energy Inc. and its subsidiaries have a stated maximum amount.
As of June 30, 2026 and Dec. 31, 2025, Xcel Energy had no assets held as collateral related to its guarantees, bond indemnities and indemnification agreements. Guarantees and bond indemnities issued and outstanding for Xcel Energy were approximately $ 135  million and $ 120  million at June 30, 2026 and Dec. 31, 2025, respectively.
Other Indemnification Agreements — Xcel Energy Inc. and its subsidiaries provide indemnifications through various contracts. These are primarily indemnifications against adverse litigation outcomes in connection with underwriting agreements, breaches of representations and warranties, including corporate existence, transaction authorization and income tax matters with respect to assets sold, as well as disallowances or reductions to the contractual amounts of tax credit transfers.
Xcel Energy Inc.’s and its subsidiaries’ obligations under these agreements may be limited in terms of duration and amount. Maximum future payments under these indemnifications cannot be reasonably estimated as the dollar amounts are often not explicitly stated.

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11. Other Comprehensive Loss

Changes in accumulated other comprehensive loss, net of tax:

Three Months Ended June 30, 2026 Three Months Ended June 30, 2025
(Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total
Accumulated other comprehensive loss at April 1 $ ( 21 ) $ ( 38 ) $ ( 59 ) $ ( 33 ) $ ( 39 ) $ ( 72 )
Other comprehensive gain before reclassifications
—   —   —   5   —   5  
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
—   —   —   1   —   1  
Amortization of net actuarial losses (b)
—   1   1   —   —   —  
Net current period other comprehensive income —   1   1   6   —   6  
Accumulated other comprehensive loss at June 30 $ ( 21 ) $ ( 37 ) $ ( 58 ) $ ( 27 ) $ ( 39 ) $ ( 66 )

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025
(Millions of Dollars) Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total Gains and Losses on Cash Flow Hedges Defined Benefit Pension and Postretirement Items Total
Accumulated other comprehensive loss at Jan. 1 $ ( 25 ) $ ( 38 ) $ ( 63 ) $ ( 29 ) $ ( 39 ) $ ( 68 )
Other comprehensive gain before reclassifications 3   —   3   —   —   —  
Losses reclassified from net accumulated other comprehensive loss:
Interest rate derivatives (a)
1   —   1   2   —   2  
Amortization of net actuarial losses (b)
—   1   1   —   —   —  
Net current period other comprehensive income 4   1   5   2   —   2  
Accumulated other comprehensive loss at June 30 $ ( 21 ) $ ( 37 ) $ ( 58 ) $ ( 27 ) $ ( 39 ) $ ( 66 )

(a) Included in interest charges.
(b) Included in the computation of net periodic pension and postretirement benefit costs. See Note 9 for further information .

12. Segment Information

Segment information and reconciliation to Xcel Energy’s consolidated net income:

Three Months Ended June 30, 2026
(Millions of Dollars) Regulated electric utility Regulated natural gas utility Total segments
Operating revenues $ 2,740   $ 365   $ 3,105  
Intersegment revenue 1   4   5  
Total segment revenues 2,741   369   3,110  
Electric fuel and purchased power 678   —   678  
Cost of natural gas sold and transported —   93   93  
O&M expenses 572   106   678  
Depreciation and amortization 546   111   657  
Other segment expenses, net 140   23   163  
Interest charges and financing costs 265   35   300  
Income tax benefit ( 58 ) ( 6 ) ( 64 )
Net income $ 598   $ 7   $ 605  

Total segment net income $ 605  
Non-segment net loss ( 19 )
Consolidated net income $ 586  

Three Months Ended June 30, 2025
(Millions of Dollars) Regulated electric utility Regulated natural gas utility Total segments
Operating revenues $ 2,878   $ 396   $ 3,274  
Intersegment revenue —   6   6  
Total segment revenues 2,878   402   3,280  
Electric fuel and purchased power 918   —   918  
Cost of natural gas sold and transported —   134   134  
O&M expenses 554   106   660  

Depreciation and amortization 617   102   719  
Other segment expenses, net 156   27   183  
Interest charges and financing costs 213   31   244  
Income tax benefit ( 48 ) ( 4 ) ( 52 )
Net income $ 468   $ 6   $ 474  

Total segment net income $ 474  
Non-segment net loss ( 30 )
Consolidated net income $ 444  

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Six Months Ended June 30, 2026
(Millions of Dollars) Regulated electric utility Regulated natural gas utility Total segments
Operating revenues $ 5,716   $ 1,395   $ 7,111  
Intersegment revenue 1   8   9  
Total segment revenues 5,717   1,403   7,120  
Electric fuel and purchased power 1,697   —   1,697  
Cost of natural gas sold and transported —   613   613  
O&M expenses 1,130   212   1,342  

Depreciation and amortization 1,199   221   1,420  
Other segment expenses, net 284   65   349  
Interest charges and financing costs 515   69   584  
Income tax (benefit) expense ( 135 ) 46   ( 89 )
Net income $ 1,027   $ 177   $ 1,204  

Total segment net income $ 1,204  
Non-segment net loss ( 62 )
Consolidated net income $ 1,142  

Six Months Ended June 30, 2025
(Millions of Dollars) Regulated electric utility Regulated natural gas utility Total segments
Operating revenues $ 5,713   $ 1,451   $ 7,164  
Intersegment revenue —   11   11  
Total segment revenues 5,713   1,462   7,175  
Electric fuel and purchased power 1,938   —   1,938  
Cost of natural gas sold and transported —   647   647  
O&M expenses 1,122   211   1,333  

Depreciation and amortization 1,243   200   1,443  
Other segment expenses, net 327   84   411  
Interest charges and financing costs 417   61   478  
Income tax (benefit) expense ( 143 ) 57   ( 86 )
Net income $ 809   $ 202   $ 1,011  

Total segment net income $ 1,011  
Non-segment net loss ( 84 )
Consolidated net income $ 927  

Equity method investments in the regulated natural gas utility segment of $ 69  million and $ 81  million at June 30, 2026 and Dec. 31, 2025, respectively, primarily relate to WYCO. Non-segment equity method investments of $ 252  million and $ 204  million as of June 30, 2026 and Dec. 31, 2025, respectively, relate to investments in energy technology funds.
Asset and capital expenditure information is not provided for Xcel Energy’s reportable segments. As an integrated electric and natural gas utility, Xcel Energy operates significant assets that are not dedicated to a specific business segment.
Reporting assets and capital expenditures by business segment would require arbitrary and potentially misleading allocations, which may not necessarily reflect the assets that would be required for the operation of the business segments on a stand-alone basis.
Certain costs, such as common depreciation, common O&M expenses and interest expense are allocated based on cost causation allocators across each segment. In addition, a general allocator is used for certain general and administrative expenses, including office supplies, rent, property insurance and general advertising.

Other segment expenses, net, for the reportable segments includes wildfire litigation expense, conservation and DSM expenses, taxes (other than income taxes), other income, net, earnings from equity method investments, intersegment expenses and AFUDC - equity.

ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis by management focuses on those factors that had a material effect on Xcel Energy’s financial condition, results of operations and cash flows during the periods presented or are expected to have a material impact in the future. It should be read in conjunction with the accompanying unaudited consolidated financial statements and the related notes to consolidated financial statements. Due to the seasonality of Xcel Energy’s operating results, quarterly financial results are not an appropriate base from which to project annual results.
The demand for electric power and natural gas is affected by seasonal differences in the weather. In general, peak sales of electricity occur in the summer months, and peak sales of natural gas occur in the winter months. As a result, the overall operating results may fluctuate substantially on a seasonal basis. Additionally, Xcel Energy’s operations have historically generated less revenues and income when weather conditions are milder in the winter and cooler in the summer.
Non-GAAP Financial Measures
The following discussion includes financial information prepared in accordance with GAAP, as well as certain non-GAAP financial measures such as ongoing earnings and ongoing diluted EPS. Generally, a non-GAAP financial measure is a measure of a company’s financial performance, financial position or cash flows that adjusts measures calculated and presented in accordance with GAAP.
Xcel Energy’s management uses non-GAAP measures for financial planning and analysis, for reporting results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. These measures are discussed in more detail below and may not be comparable to other companies’ similarly titled non-GAAP financial measures.
Earnings Adjusted for Certain Items (Ongoing Earnings and Ongoing Diluted EPS)
GAAP diluted EPS reflects the potential dilution that could occur if securities or other agreements to issue common stock (i.e., common stock equivalents) were settled. The weighted average number of potentially dilutive shares outstanding used to calculate Xcel Energy Inc.’s diluted EPS is calculated using the treasury stock method.
Ongoing earnings reflect adjustments to GAAP earnings (net income) for certain items. Ongoing diluted EPS for Xcel Energy is calculated by dividing net income or loss, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period. Ongoing diluted EPS for each subsidiary is calculated by dividing the net income or loss for such subsidiary, adjusted for certain items, by the weighted average fully diluted Xcel Energy Inc. common shares outstanding for the period.

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We use these non-GAAP financial measures to evaluate and provide details of Xcel Energy’s core earnings and underlying performance. For instance, to present ongoing earnings and ongoing diluted EPS, we may adjust the related GAAP amounts for certain items that are non-recurring in nature. We believe these measurements are useful to investors to evaluate the actual and projected financial performance and contribution of our subsidiaries. These non-GAAP financial measures should not be considered as an alternative to measures calculated and reported in accordance with GAAP.
The following table provides a reconciliation of GAAP earnings (net income) to ongoing earnings:

Three Months Ended June 30 Six Months Ended June 30
(Millions of Dollars) 2026 2025 2026 2025
GAAP net income $ 586  $ 444  $ 1,142  $ 927 
Prairie Island outage refunds 1  —  38  — 
Marshall Wildfire litigation 3  —  (19) — 
Tax effect (1) —  (5) — 
Ongoing earnings $ 589  $ 444  $ 1,156  $ 927 

Prairie Island Outage Refunds — In March 2026, the ALJ recommended a disallowance of $41 million for estimated replacement power costs incurred during a 2023-2024 outage at NSP-Minnesota’s Prairie Island nuclear facility. The MPUC ordered the ALJ-recommended disallowance in May 2026. Total non-recurring charges of $38 million were recorded to electric revenues during the six months ended June 30, 2026 for incremental customer refunds, including interest.
Marshall Wildfire Litigation — In the six months ended June 30, 2026, PSCo recognized $19 million of net reductions to operating expenses due primarily to an increase in the estimated amount recoverable from insurance for non-recurring Marshall Wildfire costs.

Results of Operations

The only common equity securities that are publicly traded are common shares of Xcel Energy Inc. Diluted earnings and EPS of each subsidiary discussed below do not represent a direct legal interest in the assets and liabilities allocated to such subsidiary but rather represent a direct interest in our assets and liabilities as a whole.
Xcel Energy’s second quarter diluted GAAP and ongoing earnings were $0.93 per share compared with $0.75 per share in the same period in 2025. The change in earnings per share was primarily driven by increased recovery of electric infrastructure investments, partially offset by higher financing costs. Fluctuations in electric and natural gas revenues associated with changes in fuel and purchased power and/or natural gas sold and transported generally do not significantly impact earnings (changes in costs are offset by the related variation in revenues).

Summarized diluted EPS for Xcel Energy:

Three Months Ended June 30 Six Months Ended June 30
Diluted Earnings (Loss) Per Share 2026 2025 2026 2025
PSCo $ 0.32  $ 0.26  $ 0.74  $ 0.71 
NSP-Minnesota 0.37  0.32  0.67  0.64 
SPS 0.19  0.17  0.33  0.27 
NSP-Wisconsin 0.06  0.05  0.17  0.12 
Earnings from equity method investments — WYCO 0.01  0.01  0.02  0.02 
Regulated utility (a)
0.95  0.81  1.92  1.76 
Xcel Energy Inc. and Other (0.02) (0.06) (0.10) (0.17)
GAAP diluted EPS (a)
$ 0.93  $ 0.75  $ 1.82  $ 1.59 
Prairie Island outage refunds —  —  0.04  — 
Marshall Wildfire litigation —  —  (0.02) — 
Ongoing diluted EPS (a)
$ 0.93  $ 0.75  $ 1.84  $ 1.59 

(a) Amounts may not add due to rounding.
Summary of Earnings
PSCo — GAAP and ongoing earnings increased $0.06 per share for the second quarter of 2026. Year-to-date GAAP earnings increased $0.03 per share and ongoing earnings increased $0.01 per share. The increase in year-to-date ongoing earnings was driven by higher recovery of electric infrastructure investments which was partially offset by unfavorable weather. The difference between GAAP and ongoing earnings was driven by an increase in the estimated amount recoverable from insurance for Marshall Wildfire costs.
NSP-Minnesota — GAAP and ongoing earnings increased $0.05 per share for the second quarter of 2026. Year-to-date GAAP earnings increased $0.03 per share and ongoing earnings increased $0.07 per share. The year-to-date ongoing earnings increase was driven by higher recovery of electric and natural gas infrastructure investments, which was partially offset by increased interest charges. The difference between GAAP and ongoing earnings was driven by recognition of customer refunds related to the 2023-2024 Prairie Island nuclear facility outage.
SPS — GAAP and ongoing earnings increased $0.02 per share for the second quarter and $0.06 per share year-to-date. The year-to-date change was driven by sales growth and higher recovery of electric infrastructure investments, partially offset by increased depreciation expense.
NSP-Wisconsin — GAAP and ongoing earnings increased $0.01 per share for the second quarter and $0.05 year-to-date. The year-to-date change was driven by higher recovery of electric and natural gas infrastructure investments, partially offset by increased depreciation expense and interest charges.
Xcel Energy Inc. and Other — Primarily includes financing costs and interest income at the holding company and earnings from investment funds, which are accounted for as equity method investments. The increase in earnings was largely due to unrealized gains on the investment funds’ interests in energy technology companies, partially offset by higher debt levels.

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Changes in GAAP and Ongoing EPS
Components significantly contributing to changes in 2026 EPS compared to 2025:

Diluted Earnings (Loss) Per Share Three Months Ended June 30 Six Months Ended June 30
GAAP EPS — 2025 $ 0.75   $ 1.59  

Components of change - 2026 vs. 2025
Lower electric fuel and purchased power 0.30  0.31 
Higher AFUDC equity & debt 0.08  0.18 
Lower depreciation and amortization 0.08  0.03 
Marshall Wildfire litigation —  0.02 
(Lower) higher electric revenues (0.18) — 
Higher interest charges (0.12) (0.22)
Common equity financing (0.06) (0.14)
Lower natural gas revenues (0.04) (0.07)

Other, net 0.12  0.12 

GAAP EPS — 2026 $ 0.93   $ 1.82  
Prairie Island outage refunds —  0.04 
Marshall Wildfire litigation —  (0.02)
Ongoing EPS — 2026
$ 0.93   $ 1.84  

Statement of Income Analysis
The following summarizes the items that affected the individual revenue and expense items reported in the consolidated statements of income.
Estimated Impact of Temperature Changes on Regulated Earnings —Unusually hot summers or cold winters increase electric and natural gas sales, while mild weather reduces electric and natural gas sales. The estimated impact of weather on earnings is based on the number of customers, temperature variances, the amount of natural gas or electricity historically used per degree of temperature and excludes any incremental related operating expenses that could result due to storm activity or vegetation management requirements. As a result, weather deviations from normal levels can affect Xcel Energy’s financial performance. However, electric sales true-up and gas decoupling mechanisms in Minnesota predominately mitigate the positive and adverse impacts of weather in that jurisdiction.
Degree-day or THI data is used to estimate amounts of energy required to maintain comfortable indoor temperature levels based on each day’s average temperature and humidity. HDD is the measure of the variation in the weather based on the extent to which the average daily temperature falls below 65° Fahrenheit. CDD is the measure of the variation in the weather based on the extent to which the average daily temperature rises above 65° Fahrenheit.
Each degree of temperature above 65° Fahrenheit is counted as one CDD, and each degree of temperature below 65° Fahrenheit is counted as one HDD. In Xcel Energy’s more humid service territories, a THI is used in place of CDD, which adds a humidity factor to CDD. HDD, CDD and THI are most likely to impact the usage of Xcel Energy’s residential and commercial customers. Industrial customers are less sensitive to weather. Typically, sales are not impacted in the first or fourth quarter due to THI or CDD.

Normal weather conditions are defined as either the 10, 20 or 30-year average of actual historical weather conditions. The historical period of time used in the calculation of normal weather differs by jurisdiction, based on regulatory practice. To calculate the impact of weather on demand, a demand factor is applied to the weather impact on sales. Extreme weather variations, windchill and cloud cover may not be reflected in weather-normalized estimates.
Percentage increase (decrease) in normal and actual HDD, CDD and THI:

Three Months Ended June 30 Six Months Ended June 30
2026 vs. Normal 2025 vs. Normal 2026 vs. 2025 2026 vs. Normal 2025 vs. Normal 2026 vs. 2025
HDD (12.3) % (7.1) % (6.2) % (14.7) % (1.3) % (13.7) %
CDD 14.7  (6.7) 24.6  22.9  (5.9) 33.5 
THI (1.9) (7.1) 4.4  (2.1) (7.3) 4.4 

Weather — Estimated impact of temperature variations on EPS compared with normal weather conditions:

Three Months Ended June 30 Six Months Ended June 30
2026 vs. Normal 2025 vs. Normal 2026 vs. 2025 2026 vs. Normal 2025 vs. Normal 2026 vs. 2025
Retail electric $ 0.001  $ (0.013) $ 0.014  $ (0.030) $ (0.007) $ (0.023)
Sales true-up
0.001  —  0.001  0.008  —  0.008 
Electric total $ 0.002  $ (0.013) $ 0.015  $ (0.022) $ (0.007) $ (0.015)
Firm natural gas (0.008) (0.005) (0.003) (0.088) 0.001  (0.089)
Decoupling 0.001  0.001  —  0.009  0.002  0.007 
Natural gas total $ (0.007) $ (0.004) $ (0.003) $ (0.079) $ 0.003  $ (0.082)
Total $ (0.005) $ (0.017) $ 0.012  $ (0.101) $ (0.004) $ (0.097)

Sales — Sales growth (decline) for actual and weather-normalized sales volumes in 2026 compared to 2025:

Three Months Ended June 30
PSCo NSP-Minnesota SPS NSP-Wisconsin Xcel Energy
Actual
Electric residential 2.1  % 1.9  % 6.3  % (1.2) % 2.4  %
Electric C&I (0.2) 2.8  2.9  2.7  2.0 
Total retail electric sales 0.5  2.5 3.3  1.6  2.1 
Firm natural gas sales (10.9) (1.4) N/A (10.2) (7.8)

Three Months Ended June 30
PSCo NSP-Minnesota SPS NSP-Wisconsin Xcel Energy
Weather-Normalized
Electric residential 1.8  % 0.4  % (0.1) % 2.3  % 1.0  %
Electric C&I (0.3) 2.7  2.1  3.4  1.7 
Total retail electric sales 0.3  1.9  1.7  3.0  1.5 
Firm natural gas sales (9.1) (2.5) N/A (6.9) (6.9)

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Six Months Ended June 30
PSCo NSP-Minnesota SPS NSP-Wisconsin Xcel Energy
Actual
Electric residential (3.1) % 1.0  % (4.3) % (0.4) % (1.4) %
Electric C&I (0.7) 2.3  6.6  1.5  2.8 
Total retail electric sales (1.5) 1.9 5.0  0.9  1.6 
Firm natural gas sales (21.8) (3.4) N/A (5.0) (14.7)

Six Months Ended June 30
PSCo NSP-Minnesota SPS NSP-Wisconsin Xcel Energy
Weather-Normalized
Electric residential (0.1) % 1.1  % (2.9) % 1.7  % 0.1  %
Electric C&I —  2.4  6.2  1.9  3.0 
Total retail electric sales (0.1) 2.0  4.8  1.8  2.1 
Firm natural gas sales (2.5) 0.3  N/A (1.9) (1.5)

Weather-normalized electric sales growth (decline) — year-to-date
• C&I sales — Increase is due to higher use per customer in SPS (6.0%) and NSP-Minnesota (2.0%) and customer growth in NSP-Wisconsin (1.0%). Increased activity in the energy sector in SPS and the manufacturing sector in all jurisdictions contributed to the sales growth.
Weather-normalized natural gas sales growth (decline) — year-to-date
• Decrease in natural gas sales was driven primarily by reduced use per customer in most jurisdictions and customer classes.
Electric Revenues
Electric revenues are impacted by fluctuations in the price of natural gas, coal and uranium, regulatory outcomes, market prices and seasonality. In addition, electric customers receive a credit for PTCs generated, which reduce electric revenue and income taxes.

(Millions of Dollars) Three Months Ended June 30, 2026 vs. 2025 Six Months Ended June 30, 2026 vs. 2025
Non-fuel riders $ 114  $ 203 
Sales and demand 25  69 
Wholesale transmission 29  44 
Conservation and demand side management (offset in expense) 21  41 
Recovery of lower cost of electric fuel and purchased power (202) (169)
PTCs flowed back to customers (offset in ETR) (41) (59)
Wholesale generation (32) (44)
Prairie Island outage refunds (1) (38)
Regulatory rate outcomes (MN, WI and SD) (a)
(36) (20)
Estimated impact of weather 12  (11)
Other, net (27) (13)
Total (decrease) increase $ (138) $ 3 

(a) Decrease primarily due to recognition of interim rate refunds in the Minnesota Electric Rate Case. Reduced electric revenue was more than offset by corresponding reductions in depreciation expense due to nuclear life extensions approved in the case.

Natural Gas Revenues
Natural gas revenues vary with changing sales, the cost of natural gas and regulatory outcomes.

(Millions of Dollars) Three Months Ended June 30, 2026 vs. 2025 Six Months Ended June 30, 2026 vs. 2025
Estimated impact of weather (net of decoupling) $ (1) $ (62)
Recovery of lower cost of natural gas (40) (36)
Regulatory rate outcomes (MN and WI) 9  37 

Other, net 1  5 
Total decrease $ (31) $ (56)

Electric Fuel and Purchased Power — Expenses incurred for electric fuel and purchased power are impacted by fluctuations in market prices of electricity, natural gas, coal and uranium, as well as seasonality. These incurred expenses are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact. Electric fuel and purchased power expenses decreased $240 million for the second quarter of 2026 and $241 million year-to-date. The year-to-date change was primarily due to lower commodity prices, largely in SPS. .
Cost of Natural Gas Sold and Transported — Expenses incurred for the cost of natural gas sold are impacted by market prices and seasonality. These costs are generally recovered through various regulatory recovery mechanisms. As a result, changes in these expenses are largely offset in operating revenues and have minimal earnings impact.
Natural gas sold and transported decreased $41 million for the second quarter of 2026 and $34 million year-to-date. The year-to-date change was primarily due to decreased volumes in PSCo, partially offset by higher commodity prices.
Non-Fuel Operating Expenses and Other Items
O&M Expenses — O&M expenses increased $16 million for the second quarter of 2026 and $5 million year-to-date. The year-to-date change was primarily due to increased generation costs.
Depreciation and Amortization — Depreciation and amortization decreased $60 million for the second quarter of 2026 and $20 million year-to-date. The year-to-date change was primarily due to the recognition of 2025 and 2026 depreciation reductions (nuclear life extensions) in the second quarter of 2026, partially offset by system expansion.
Interest Charges — Interest charges increased $94 million for the second quarter of 2026 and $174 million year-to-date. The year-to-date change was primarily due to higher debt levels.
Earnings from Equity Method Investments — Earnings from equity method investments increased $84 million for the second quarter of 2026 and $98 million year-to-date. The year-to-date change was primarily due to unrealized gains on investment funds’ interests in energy technology companies in the first six months of 2026 and losses in the first six months of 2025.
AFUDC, Equity and Debt — AFUDC increased $54 million for the second quarter of 2026 and $115 million year-to-date. The year-to-date change was primarily due to system investment.

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Public Utility Regulation and Other

The FERC and various state and local regulatory commissions regulate Xcel Energy Inc.’s utility subsidiaries and West Gas Interstate. Xcel Energy is subject to rate regulation by state utility regulatory agencies, which have jurisdiction with respect to the rates of electric and natural gas distribution companies in Minnesota, North Dakota, South Dakota, Wisconsin, Michigan, Colorado, New Mexico and Texas.
Rates are designed to recover plant investment, operating costs and an allowed return on investment. Our utility subsidiaries request changes in utility rates through commission filings. Changes in operating costs can affect Xcel Energy’s financial results, depending on the timing of rate cases and implementation of final rates. Other factors affecting rate filings are new investments, sales, conservation and demand side management efforts and the cost of capital.
In addition, the regulatory commissions authorize the ROE, capital structure and depreciation rates in rate proceedings. Decisions by these regulators can significantly impact Xcel Energy’s results of operations.
Except to the extent noted below, the circumstances set forth in Public Utility Regulation included in Item 7 of Xcel Energy’s Annual Report on Form 10-K for the year ended Dec. 31, 2025 appropriately represent, in all material respects, the current status of public utility regulation and are incorporated herein by reference.

NSP-Minnesota
Pending and Recently Concluded Regulatory Proceedings
2024 Minnesota Electric Rate Case — In November 2024, NSP-Minnesota filed an electric rate case in Minnesota based on an ROE of 10.3%, a 52.5% equity ratio and rate base of $13.2 billion in 2025 and $14 billion in 2026. In December 2024, the MPUC approved interim rates of $192 million, effective Jan. 1, 2025. In October 2025, NSP-Minnesota filed rebuttal testimony, updating its total revenue request to $365 million.
In June 2026, the MPUC issued a verbal decision. Terms of the decision include:
• Estimated rate increase of approximately $211 million over two years (annual average increase of 2.9%).
• ROE of 9.60%, an increase from the current 9.25% ROE, while maintaining the equity ratio of 52.5%.
• Continuation of existing true-up mechanisms inclusive of the sales true-up, coupled with authorization of new tracker mechanisms.
A final written MPUC order is expected by July 31, 2026.
2025 Minnesota Natural Gas Rate Case — In October 2025, NSP-Minnesota filed a natural gas rate case in Minnesota, seeking a total revenue increase of $62 million (8.2%) as updated in April 2026. The filing is based on a 2026 forecast test year and includes an ROE of 10.65%, a 52.5% equity ratio and rate base of $1.5 billion. NSP-Minnesota requested interim rates of $51 million effective January 1, 2026, which were approved by the MPUC.
In May 2026, NSP-Minnesota and certain intervenors reached a non-unanimous settlement, based on a total revenue increase of $38 million (4.9%) and a weighted average cost of capital of 7.21% (an increase from the previously authorized 7.16%).
An ALJ report is expected by September 2026 and a MPUC decision is expected in November 2026.

2022 Minnesota Electric Rate Case — In July 2023, the MPUC approved a three-year rate increase of approximately $332 million for 2022-2024, based on a ROE of 9.25% and an equity ratio of 52.5%.
NSP-Minnesota appealed certain aspects of the MPUC decision. In January 2025, the Minnesota Court of Appeals issued its opinion, which included reversing and remanding decisions related to executive compensation and prepaid pension asset back to the MPUC. In March 2026, the MPUC declined to modify the treatment of executive compensation. In July 2026, the MPUC declined to modify the treatment of prepaid pension asset.
2025 South Dakota Electric Rate Case — In June 2025, NSP-Minnesota filed a request with the SDPUC for a net annual electric rate increase of $44 million (15%). The filing is based on a 2024 historic test year, a requested ROE of 10.3%, an equity ratio of 52.87% and rate base of approximately $1.2 billion. Interim rates were implemented on Jan. 1, 2026.
In April 2026, NSP-Minnesota and SDPUC Staff filed a black box settlement agreement with the SDPUC, including a net annual electric rate increase of $26 million. In May 2026, the SDPUC approved the settlement agreement, and rates became effective July 1, 2026.
2026 North Dakota Natural Gas Rate Case — In January 2026, NSP-Minnesota filed a natural gas rate case in North Dakota, for an annual rate increase of $14 million (11.9%). The filing is based on a 2026 forecast test year and includes an ROE of 10.85%, a 52.5% equity ratio and rate base of $235 million. In March 2026, the NDPSC approved interim rates of $12 million effective April 1, 2026. The procedural schedule is yet to be determined.

NSP System
Pending and Recently Concluded Regulatory Proceedings
NSP-Minnesota and NSP-Wisconsin are actively engaged in multiple processes and proceedings to acquire resources to meet their identified generation resource needs.
• In October 2023, NSP-Minnesota issued an RFP seeking 1,200 MW of wind assets to replace capacity and reutilize interconnection rights associated with the retiring Sherco coal facilities. NSP-Minnesota filed for approval of recommended projects in March 2026. A decision is expected in the third quarter of 2026.
• In December 2025, NSP-Minnesota and NSP-Wisconsin jointly issued an RFP seeking up to 3,500 MW of wind, solar, hydro, standalone storage, or hybrid capacity that will achieve commercial operation by December 31, 2030. Short-listed projects were announced in June 2026, and filing for requisite regulatory approval is expected by the end of 2026.
• NSP-Minnesota and NSP-Wisconsin may continue to file additional RFPs throughout 2026 and 2027 for resource needs as part of its Upper Midwest resource planning efforts.
Large Load Agreement — In the first quarter of 2026, NSP-Minnesota entered into an electric service agreement to power a new Google data center in Minnesota. Under the agreement, Google will pay all costs for its new service for the duration of the contract, in accordance with Minnesota’s regulatory and legislative requirements for large loads. If approved, the agreement is expected to result in approximately $1.1 billion of benefits to NSP-Minnesota’s customers. A request for approval of the electric service agreement, including a proposed Clean Energy Accelerator Charge for 1,900 MW of clean energy resources, was filed with the MPUC in April 2026. A decision is expected in early 2027.

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Approvals for 1,000 MW of resources for the Clean Energy Accelerator program are pending as part of existing resource acquisition processes. The remaining resources are expected to be requested in those processes by the end of 2026.